- Solana nears breakout as ascending triangle forms with strong buyer interest.
- Open interest and trading volume spike, reinforcing bullish momentum for SOL.
- MACD hints at short-term pause, but RSI supports continued upward pressure.
Solana (SOL) appears to be gaining bullish traction as it enters June 2025 with a strong momentum. The altcoin has shown promising technical behavior, and market data suggests increased investor interest. With a current price hovering around $178.60, the digital asset is inching closer to a confirmed breakout zone.
The formation of an ascending triangle, a classic bullish continuation pattern further supports this optimistic outlook. Notably, Solana has already gained over 5% in the last 24 hours, adding to a 7 day rally of 4.48%.
Technical Indicators Point to a Breakout
According to analyst Ali Martinez, Solana is breaking above a long-held horizontal resistance near $171.87. This move, if sustained, would confirm the ascending triangle breakout.
The pattern has been forming with a series of higher lows, supported by a rising trendline. This indicates strong buying interest and underlying bullish strength. Support around $169 has held firm, validating the triangle’s structure.
Fibonacci extension levels provide insight into short-term targets. Price levels at $175 (1.272), $176.86 (1.414), and $180 (1.618) could act as resistance. If momentum persists, a move toward the $180–$182 range appears achievable. However, a drop below $169 would invalidate the current bullish setup.
Market Activity and Sentiment Strengthen Bullish Case
Market sentiment is largely in favor of continued upside. Solana’s market cap now stands at over $92.8 billion, reflecting its growing dominance. The 24-hour trading volume has surged past $6.7 billion, signaling heightened activity.
Source: Coinanalyze
Open interest in Solana’s derivatives market has grown by over 10% in the past day. Binance leads with $1.5 billion in open contracts, followed by Bybit and OKX. This broad exchange distribution suggests strong and diverse participation across trading platforms.
Momentum Indicators Offer Mixed Short-Term Signals
SOL/USD daily price chart, Source: TradingView
MACD readings show that momentum may be slowing slightly. The MACD line at 7.35 is just below the signal line at 7.83. This hints at a possible short-term consolidation before another push higher. The RSI currently sits at 63.59, indicating solid buying pressure, though it’s nearing overbought levels.
Coincodex analysts forecast that Solana could reach $188.97 by the end of June. Price projections range between $172.93 and $202.05, with a median target near $189. This would represent a monthly gain of nearly 13%, assuming the current trend holds.
