Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Solana (SOL) has emerged as a major headliner following an impressive 20.89% gain over the last week. Solana’s price now sits comfortably within the $240 price range and is only 18.05% away from its present all-time high at $294. Interestingly, renowned market expert Ali Martinez has noted a positive effect of SOL’s recent price surge, which points to a sustained price rally. Related Reading Analyst Sets Bold $1,314 Target For Solana After Cup-And-Handle Breakout 1 day ago SOL Surges Above Key $205 Resistance: Fibonacci Levels Point Toward $362
In an X post on September 13, Martinez shares an in-depth technical analysis of the Solana price structure, which shows significant potential for a prolonged uptrend. Notably, SOL’s price gain from last week resulted in a breakout from a key ascending triangle formation, signaling strong bullish momentum that projects to higher mid-term targets.
Looking at the chart below, the latest price surge effectively lifted Solana above the multi-month resistance zone near $205, where price had consolidated between April and August. It is clearly observed that breaking above this resistance, combined with the sustained higher lows that formed the ascending triangle, points to a classic bullish continuation pattern. Source: @ali_charts on X
Notably, the introduction of the Fibonacci extension levels provides more insight into the bullish potential of this recent breakout. The immediate price target presently lies at the 1.272 Fibonacci extension around $250, followed by the 1.414 extension near $277. However, if momentum continues, Solana could reach further upside levels, around $321 (1.618 extension) and the ultimate mid-term target at $362, which corresponds with the 1.786 extension.
On the downside, the $205 breakout zone now serves as critical support. Holding above this level is crucial to maintaining the bullish outlook, as a decisive break below it could open the door for a retest of lower Fibonacci retracement zones, particularly around $176 or $156. However, the rising trendline that has supported price action since April adds another layer of structural support for bulls. Related Reading Bitcoin Flips Key Support, Bulls Now Target $117,000 20 hours ago Solana Price Outlook
At the time of writing, Solana is trading at $246, reflecting a modest 1.67% gain over the past 24 hours. However, trading volume has declined sharply by 27.53%, currently standing at $7.49 billion.
According to analysts at Coincodex, investor sentiment toward Solana remains broadly bullish, even as the Greed & Fear Index sits at a neutral 52. Their short-term outlook suggests limited price movement, with the asset projected to remain around $247 for the next month. Looking further ahead, analysts expect Solana to climb to $264 over the next three months, highlighting steady but moderate growth expectations.
Nevertheless, with a market cap of $131.65 billion, Solana continues to rank as the fifth-largest cryptocurrency in the world. SOL trading at $246 on the daily chart | Source: SOLUSDT chart on Tradingview.com Featured image from Forbes, chart from Tradingview