- Solana is gaining momentum, surging past $130 amid ETF hype and a potential breakout rally toward $200.
- Solana’s price action signals a bullish reversal, with key resistance at $135 and a possible surge to $188 and beyond.
Solana (SOL) is showing strong signs of a bullish breakout, driven by renewed market enthusiasm and the growing hype surrounding Solana Futures ETFs. With Bitcoin hovering around the $86,000 mark, Solana has surged past $130, gaining 6% in the last 24 hours. This newfound momentum raises the question: Can Solana’s breakout rally push its price to $200?
Solana Price Aims to Break Long-Standing Resistance
The 4-hour price chart for Solana reflects a predominantly bearish influence, yet recent price action signals a possible reversal. A rebound from the $112 swing low has bolstered optimism for a breakout rally, setting the stage for a potential uptrend.
Since mid-January, SOL has been trading within a bearish expanding channel. However, the latest surge in buying pressure is challenging the overhead trendline near $135. A series of bullish candles indicate growing momentum, strengthening the likelihood of a breakout above this resistance.
Further supporting this bullish case, the Moving Average Convergence Divergence (MACD) indicator has shown a recent crossover into positive territory. The emergence of bullish histograms suggests increasing buying pressure, which could fuel a sustained rally for SOL.
Will SOL Breakout Rally Hit $200?
If Solana successfully breaches its resistance levels, it could face a major test at $188, a crucial horizontal resistance level. A decisive breakout above this mark could propel SOL to extended price targets of $222 and $267.
In the short term, Solana’s next psychological barrier sits at $150, aligning with the R2 resistance pivot level. Conversely, key support levels lie at $117 and the critical $100 psychological mark, both coinciding with significant S2 pivot levels.
Solana Futures ETFs: A Game Changer for SOL?
The bullish outlook for Solana is further reinforced by the anticipated launch of Solana Futures ETFs by Volatility Shares LLC. These ETFs, with expense ratios of 0.95% and 1.85%, mark a significant milestone, as they will be the first to track Solana futures on Wall Street.
As institutional interest in Solana grows, the approval of these ETFs could drive additional capital into SOL, potentially accelerating its path toward $200 and beyond.
With technical indicators signaling a bullish breakout and institutional adoption gaining traction, Solana is poised for a potential rally toward $200. However, SOL must first overcome key resistance levels to confirm this uptrend. If momentum continues, the ongoing ETF hype and Bitcoin’s strong performance could further fuel Solana’s price surge.
