Solana Technical Analysis: 24 MAR 2025
Ascending Triangle breakout has been initiated! Source: TradingView
General View
After a quick round of basing, Solana is gaining momentum as buyers step in to drive prices higher. A short-term breakout from an ascending triangle signals renewed strength, suggesting that bullish sentiment is building. At the same time, a descending trendline breakout has also been triggered, hinting at a potential medium-term trend shift. If follow-through buying sustains, Solana could be entering a recovery phase, setting the stage for further upside in the coming sessions.
On The Upside
Solana is pushing higher towards the primary intra-day resistance at $145-$146. A successful break above this zone would open the door for the next intra-day resistance at $154. Bulls may encounter some short-term challenges around this level, but if momentum persists, Solana could aim for the $176-$180 range as the next major upside target.
On The Downside
In case of a retracement, $138.80 to $135.90 serves as the first crucial support level, aligning with the recent breakout level. A retest of this zone would be a healthy retest for Solana as long as buyers defend it. Below this, the next strong intra-day support lies at the $134 to $132 levels.
Long-term descending trendline resistance getting breached. Source: TradingView
