Solana Eyes New Leg Up After Triangle Breakout – Is $96 The Next Stop?

As Solana (SOL) breaks out of a multi‑week pattern, some market observers suggest a retest of a key resistance level could be on the horizon. Nonetheless, they also warned that the next leg up could be short‑lived if momentum fails to hold.

Solana Breakout Targets Key Resistance

On Wednesday, Solana jumped 4.2% on the daily timeframe, retesting the $90 area for the first time in nearly a month before retracing. The cryptocurrency has been in the $75 to $96 price range since the early February market crash, failing to reclaim the upper zone of this range during this period.

Amid today’s surge, analyst Ali Martinez highlighted that Solana was breaking out of an eight-week symmetrical triangle formation, which could lead to a rally toward the local range’s upper boundary.

SOL breaks out of its symmetrical triangle. Source: Ali Charts on X

As he explained, a spike in buying pressure could push SOL’s price to $92, a key horizontal resistance over the past three months in the daily and weekly timeframes. If this level is reclaimed, the cryptocurrency’s breakout could extend toward $96, a level not retested since the mid-March market rally.

In addition, CryptoRand noted that after its recent price jump, Solana has also broken out of its eight-month downtrend, suggesting that a bullish reversal could be on the horizon if this level holds.

However, market observer Daan Crypto Trades pointed out that the altcoin has been consolidating within a 10% range for three months, recording its lowest volatility in years.

As a result, the analyst affirmed that a big move would happen sooner than later, but the direction “will entirely depend on which side breaks first. It won’t be a move to fade (…). Likely to see at least a 20-30% leg following the break of this compression.”