- Solana breaks $229 resistance, aiming for $263 and $320 based on Fibonacci extensions.
- Bullish Parabolic SAR and rising volumes confirm Solana’s uptrend.
- Immediate support at $229; a pullback below risks testing $200.
Solana price has burst through the ascending triangle, passing the $229 resistance and moving around $239. Fibonacci extensions indicate a target of approximately $263 and a longer-term target of $320 which is where the 2.618 extension is.
The Parabolic SAR indicates the existence of bullish momentum, and the increase of the volumes justifies the breakout. It is supported at $229 in the short run and at about $200 in long-term support. A retest of the previous resistance could actually take the form of a pullback to $229. The technical picture in general is optimistic, and the trend is to the upside.
Solana Price Action Points Toward $320 Breakout
Solana price has now broken through the ascending triangle formation to surpass the resistance of $229 and is now floating around the position of $239. The breakout validates the continuation of the bullish mode, and extensions of Fibonacci show that the short-term goals are immediately attainable at the range of about $263, which is equivalent to the 1.618 value.
Provided that Solana continues to be strong, the Solana price prognosis in the long-term states that the next major resistance will be close to $320, where the 2.618 extension is. There is a short term support that is observed to be at $229 where the cushions are deeper at about $200.
Moreover, the Parabolic SAR has reversed to indicate a trend that favours the buyers. Further confirmation of SOL price strength is increasing volumes, which favor the breakout.
But with a pullback to $229, an attempt at previous resistance as support may be retested. Maintaining a level above this ensures that there is a way above this level by another leg. Altogether, technical analysis emphasizes that the Solana price perspective in the long term is positive as buyers target higher positions.
