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๐ฃ Solana Bulls Target $261 as Derivatives Market Heats Up
Solana reclaims $185 with a 92% surge and rising futures activity. Can the SOL price reach $261 as the falling wedge breakout gains traction?
As the total crypto market cap (excluding Bitcoin) reaches $1.26 trillion, altcoins are gaining momentum. One of the top performers is Solana, currently trading at $183 after an overnight surge of 5.48%.
At present, Solana is facing resistance near a critical supply zone around the $185 mark. However, growing momentum suggests the possibility of a breakout rally toward the $261 resistance level. Could Solana post an additional 42% gain with a breakout above this key level?
๐ธ Solana Price Analysis Targets $261
On the daily chart, Solanaโs bullish reversal has reclaimed the $185 level, last seen on February 17. In 2025, Solana bottomed out at $95.16 and has since surged by 92% over the past 37 days. This sharp trend reversal confirms a falling wedge breakout in the #SOL price trend.
The bullish rally has pushed the price above the 200-day EMA at $162 and the 50% Fibonacci retracement level at $165. This has strengthened bullish momentum, leading to a positive crossover of the 50- and 100-day EMA lines. Additionally, the daily RSI is fluctuating in the overbought region, signaling strong underlying bullish sentiment.
Currently, Solana has surpassed the critical $175 zone and is testing the 61.8% Fibonacci level at $184.52. If SOL can break above this overhead resistance, the falling wedge breakout rally may challenge the previous peak near the $261 mark. This indicates a potential upside of 42% as buying pressure continues to build.
๐ธ #Solana Bulls Dominate the SOL Futures Market
As Solana approaches a key breakout level, optimism in Solana futures is rising. According to data from CoinGlass, Solana futures open interest stands at $7.49 billion, marking a 12.10% increase in the past 24 hours.
{spot}(SOLUSDT)