Key Points:
The SOL technical chart setup focuses on a price target of $260.
After soaring to a six-month high of $209 last week, Solana (SOL) has pulled back 16% to a low of $175 on Tuesday. Since then, the SOL price has rebounded to the current $180, with multiple indicators showing that its upward trend towards $260 remains intact.
Data from Cointelegraph Markets Pro and TradingView shows that SOL is in a rising flag pattern on the daily timeframe, as illustrated below.
A rising flag is a continuation bullish pattern in technical analysis, typically forming a downward channel after a sharp price increase, indicating a consolidation phase. This pattern often ultimately breaks upward, extending the original uptrend.
Currently, SOL faces resistance at the upper flag level of $190. If the daily closing price can break through this area, SOL is expected to make a push towards the flag target of $258, a 41% increase from the current price.
From a longer-term perspective, since the end of 2025, the SOL price has formed a V-shaped reversal pattern on the weekly timeframe, as shown below.
A V-shaped reversal is a bullish pattern that occurs when an asset experiences a rapid rebound after a significant drop, with the price returning to the top of the V (neckline), completing the pattern.
SOL is currently following this trajectory, and bulls need to turn $200 back into a support level to increase the likelihood of a price rise to $220. Further, the $260 neckline will become the next reasonable target, completing the V-shaped reversal pattern. This would represent a 43% increase from the current price.
The relative strength index has risen from 34 to 54 during the same period, indicating that bullish momentum is steadily increasing.
The above chart also shows that SOL is above all major moving averages on both the weekly and daily charts, indicating strong support below. On the lower four-hour chart, the altcoin is above the 100-day and 200-day SMA, further supporting SOL's bullish stance.
Multiple analysts believe that SOL still has room for growth. Technical analyst Jonathan Carter points out that the ascending triangle pattern of SOL suggests a significant breakout is on the horizon.
“Solana is once again testing resistance above the daily chart, having previously experienced a false breakout,” the analyst stated on Tuesday on the X platform, adding:
After reaching the $124 level on June 22, the SOL price has formed a series of higher lows. According to analyst Crypto King, the latest rebound from the ascending trendline connecting these higher lows provides a “perfect bounce,” expected to drive SOL to its historical high of $295.
The $SOL chart is pure poetry. Perfect bounce from the uptrend support, higher lows confirmed. No need to overthink. Targeting the range highs at $295. pic.twitter.com/PrLu4R1CXm
Multiple on-chain indicators and data, such as the increase in DeFi sector share, rising transaction fees, and high trading throughput, continue to support network demand and enhance investor confidence in the long-term price of SOL.
Related: Bitcoin ETF faces five consecutive declines, Pomp claims BTC is oversold
Original article: “Solana (SOL) Chart Shows the Strongest Bullish Signal in Crypto: Is $260 Next?”
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