- Solana’s token (SOL) has surged from $10 to nearly $144 in the past year, with a recent 50% gain in three weeks.
- SOL has formed an inverted head and shoulders pattern, indicating a potential breakout.
- A break above $158 could trigger further gains towards $200, possibly retesting the previous high around $260.
Solana’s native token, SOL, has been on an absolute tear over the last year, skyrocketing from a low of $10 to recently crossing the major psychological threshold of $150. In fact, SOL is now trading hands for just under $144, notching a nearly 50% gain over the past three weeks alone as buyers have asserted clear control.
With momentum accelerating to the upside, technical signals are now flashing bullish for the altcoin as traders set sights on SOL’s all-time high close to $250. That key resistance level capped the powerful rally last November, which saw Solana post parabolic 1,200% gains in 2021 before peaking.
Currently ranked 5 by total market capitalization, a decisive move above the $158 mark would likely act as the catalyst for another leg higher, according to analysts. Notably, SOL appears to have formed an inverted head and shoulders pattern on its weekly chart—a reversal setup known for sparking massive breakout moves when triggered.
Can Solana hit $250?
In addition to flashing this bullish technical formation, Solana just posted a ‘triple white soldiers’ candlestick pattern over the past three weeks, indicating sustained buying pressure. Volume has also picked up markedly, highlighting conviction among bulls.
The daily MACD indicator shows strong positive momentum as well, with the MACD line crossing above the signal line to confirm an uptrend. With SOL now trading above the key 50% Fibonacci retracement level from its November peak, the stage seems set for a blue sky breakout.
If support around $140 holds firm in the near-term, traders will likely target the 1.272 Fib extension level near $200 next. Beyond that, SOL will once again test its record high from ten months ago around the $260 area.
