Solana Price Prediction: SOL Breaks Ascending Triangle and Could Rise Above $170 This Week

The token has kept recovering from the significant drops it experienced during the first ten days of the month after President Trump opted to include in its strategic altcoin reserve only assets that the U.S. federal government already owned.

In the past week, SOL has booked gains of 10.7%. Although its annual performance is still disappointing with yearly losses of 24.4%, today’s uptick is helping the digital asset recover some of that lost territory.

On-chain data indicates that Solana’s DEX volumes have normalized and currently stand at pre-election levels at $1.4 billion – the lowest level since September 2024.

The meme coin winter has contributed to depress Solana’s network activity and fees as investors have mostly shunned this category of the crypto market during the latest downturn.

The largest Solana meme coins by market cap like Bonk (BONK) and dogwifhat (WIF) have seen significant losses of 55% and 70% since the year started.

Macroeconomic conditions have also been unfavorable to risky assets this year as the Federal Reserve has temporarily paused its interest rate cuts amid fears that Donald Trump’s hostile measures on the trade front could result in higher inflation in the U.S.

Solana Eyes $170 Following Resistance Break

Solana trading volumes have gone up by 130% in the past 24 hours as investors piled on the token during the weekend. Meanwhile, Bitcoin (BTC) and Ethereum (ETH) have also experienced 24-hour jumps of 3.2% and 3.9%.

Looking at the daily chart, SOL has broken above a key resistance from previous days at $137 as the token entered a phase of consolidation following the sharp decline that it experienced from March 3 to March 10.

This decisive breakout during today’s session has been accompanied by a spike in momentum indicators. The Relative Strength Index (RSI) has now taken its distance from the signal line nearly 10 days after it sent a buy signal.

Moreover, the MACD’s histogram shows that positive momentum has been accelerating in the past few days heading to this bullish breakout. Using the ascending triangle’s height as a measure to estimate how high SOL could go in the next few days, we get a short-term price target of $170 for the token.

This would put Solana on track to fully reverse its downtrend in the next few days. However, only a break above the $180 level would confirm that the price may have reached a local bottom and that bulls are once again dominating the scene.

SOL Should Keep Rallying if This Support Holds

Moving to the hourly chart, we can see that SOL already broke another key resistance at $140. This level could act as support now during the American session when a pullback is expected as momentum indicators are heavily stretched already.

The Relative Strength Index (RSI) is already nearing the 80 area, meaning that SOL is heavily overbought at this point in this lower time frame. If a pullback does occur, the price could drop to around $137 at which point a long position would offer a risk-reward ratio of 3.1 if the stop price is set 2% below this level and the price target at SOL’s current session highs.

A trend reversal in the hourly chart seems unlikely but it is also a possibility if SOL drifts below the $137 level and fails to recover.

Market sentiment is still heavily depressed as the Fear and Greed Index stands at 31 (fear), so traders should be cautious not to get their hopes up yet as the rally could reverse at any point if bears take over the price action again.