Solana (SOL) Price: Triangle Breakout Eyes 30% Rally to Key Resistance Level

TLDR

Solana (SOL) is trading around $156 with a 1.74% weekly gain after breaking out of consolidation between $120-$130 The cryptocurrency broke above an ascending triangle pattern, with technical analysts targeting $164 as the next price level RSI has recovered to 54.51 from 39.26 but remains below 60, showing limited bullish conviction The Ichimoku Cloud remains red and thick, creating strong resistance despite recent price gains SOL needs to break above $163.76 and cloud resistance to confirm a bullish reversal

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Solana is trading at $156.19 with a market cap close to $82 billion. The cryptocurrency has gained 1.74% over the past week after breaking out of a consolidation phase.

Solana (SOL) Price

The recent price action follows months of trading between $120 and $130. SOL has climbed nearly 8% over the past four days, breaking above the $150 mark.

Daily trading volume sits at approximately $3.26 billion. This represents increased activity as the cryptocurrency attempts to establish higher price levels.

Technical Pattern Signals Upward Move

Solana completed a breakout from an ascending triangle pattern. This formation typically indicates bullish continuation when accompanied by volume.

#Solana $SOL is breaking out of a triangle formation, with a potential upside target of $164! pic.twitter.com/CglaBXq6xE

— Ali (@ali_charts) June 9, 2025

The triangle structure featured horizontal resistance around $140-$145. An ascending support trendline showed higher lows over time.

The height of the triangle measures approximately $40. Adding this to the breakout level near $124 gives a price target of $164.

Technical analysts view this as a 30% potential rally from current levels. The pattern suggests increasing buying pressure over the consolidation period.

The breakout occurred with volume confirmation. This adds validity to the technical setup according to chart analysis.

Momentum Indicators Show Mixed Signals

The Relative Strength Index has recovered to 54.51 from 39.26 three days ago. However, RSI attempts to break above 60 have failed so far.

The 60 level often signals stronger bullish momentum in technical analysis. Current readings suggest cautious optimism rather than strong conviction.

RSI remains in neutral territory between oversold and overbought conditions. Values around 50 are considered balanced between buyers and sellers.

The Ichimoku Cloud analysis shows mixed conditions. The Tenkan-sen has crossed above the Kijun-sen, which is typically bullish.

Source: TradingView

However, the cloud remains red and thick. This indicates strong resistance ahead despite recent gains.

Price action is currently inside the cloud formation. A break above would confirm bullish momentum according to this indicator.

The Leading Span A remains below Leading Span B. This confirms the cloud stays in bearish alignment for now.

EMA structure continues to show bearish positioning. Short-term moving averages remain below longer-term ones despite recent gains.

If current momentum continues, SOL could test resistance at $163.76. A breakout there might open the path to $169.20.

In a strong buying scenario, price could reach $179.50. This would represent a 16.7% upside from current levels.

However, failure to hold above $150.65 could send price back to $141.53. This support level becomes critical for maintaining the recent breakout.

The cryptocurrency has stayed below $170 since May 29 despite recent recovery attempts. SOL is down over 10% in the last 30 days overall.

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