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The recent breakout of Solana, which is making a significant push on the charts, may pave the way for a high-velocity move toward the $200 mark. SOL is displaying the type of technical strength that has not been seen in months as the +51% candle from today bursts through the 100 EMA resistance at $151.
The volume supporting this move, which is a definite sign of genuine demand at last resuming, is what really sets it apart from the candle's size. Since its drop from March highs, the 100 EMA has served as Solana's enduring ceiling. Numerous attempts at a rally were foiled by this level, and the recent breakthrough represents a complete structural shift rather than merely another bounce.
The rally still has time to recover before entering overbought territory, as momentum is increasing and the RSI is rising and hovering around 65. The 200 EMA, which is positioned at $161, is currently the only significant resistance in action. SOL will have maintained a position above all major moving averages for the first time in more than three months if it closes firmly above this level.
This is a condition that usually precedes significant trend shifts. In the future, the $200 level will emerge as the next technical and psychological draw. It corresponds with earlier January distribution zones and, if approached, is probably going to cause a large amount of short covering and FOMO-driven inflows. If $161-$165 were broken cleanly, SOL could be pushed in that direction in a few days.
But this will not be a free pass. The breakout would be weakened and SOL might be forced back toward $140 if it were unable to hold above $151, which was once resistance but is now support. However, given the strength of the current impulse and the fact that several resistances were cleared in a single shot, momentum is currently clearly in favor of bulls. The value of $200 might be the start of Solana's next bullish phase if this breakout holds.
Vladislav Sopov