Solana (SOL) has surged past a major resistance level, reaching $246 before retracing to $232, marking a significant bullish breakout. The token gained 12% over the past week despite a 6% drop in the last 24 hours, maintaining its short-term upward trend. Technical analysts highlight a bullish EMA crossover, with the 9-period EMA moving above the 15-period EMA, indicating sustained buying pressure.
Key support zones at $160 and $120 provide a solid foundation, while a Cup and Handle pattern completion suggests further upside potential. A Stochastic RSI golden cross on the 2-month timeframe—previously seen when SOL was near $14 before rallying to $250—adds to the optimism.
Liquidation risks loom large: a move to $250 could trigger $133 million in short liquidations, potentially accelerating upward momentum. On-chain data reinforces SOL's strength, with the network processing 65 million+ weekly transactions—outpacing Base—and generating $1.2 million in fees, surpassing Ethereum. Net inflows of $7.7 million in 24 hours indicate continued capital interest.
Fundamental catalysts include the NASDAQ listing approval for SOL Strategies, the first company with a Solana treasury on the exchange, and growing expectations for a spot SOL ETF approval in October. VanEck's SOL ETF is already listed on the DTCC, nearing regulatory clearance. Analysts like Ali Martinez project targets up to $360, citing SOL's 89% gain over three months and a recent golden cross on daily charts.