Solana Price Prediction: Is SOL Gearing Up for a Breakout to $200 After Key Resistance Flip?

Consequently, this rally materialized after the formation of an ascending triangle structure in the 1-hour chart, a bullish formation that is frequently the precursor of large price increases.

A rising trading volume backed the breakout, confirming the strength of the buyers interest and diminishing the possibility of a false breakout.

| Source: X

In this case, Solana broke out of the triangles line of resistance at about the $176 mark, confirming this bullish structure. This breakout is consistent with the general market recovery, with Bitcoin holding strong positions above the $ 100,000 mark to further support altcoins surge.

Such technical patterns are often seen as reliable signals of further upward growth. If the $175 resistance becomes a support area, Solanas way to $200 seems more straightforward, provided the buying pressure continues. The lack of a key resistance until the $200 level confirmed this bullish narrative.

$200 Target in Focus as Momentum Builds

Besides, the recent momentum has pushed SOL price above the 200-day moving average, an important level that is usually a trend filter in the crypto market. This technical achievement indicates that the long-term momentum is bullish, boosting confidence in the current rally.

Additionally, the bullish momentum is accelerated by a massive rise in the trading volume, which is usually an indication of a confirmed breakout. If Solana can maintain this upward pressure, it could test the $200 level in the coming days, potentially opening the door to even higher targets in the medium term.

Solana Price Prediction: Onchain Analysis

Meanwhile, on the on-chain metrics, Solana OI-weighted funding rate turned positive from late April to mid-May, reflecting a shift in market sentiment.

This sustained positive funding suggests a growing preference for long positions, aligning with Solanas recent breakout above the critical $175 resistance.

The persistent green bars mean that traders are expecting more upside ahead, while the spot price is also going up, supporting the bullish trend as the altcoin aims at pushing the $200 mark.

Solana OI-Weighted Funding Rate | Source: CoinGlass

Moreover, Solana derivatives market recorded a 36.65% jump in volume to reach $19.46 billion, while open interest rose by 0.09% to $6.60 billion. The rise in both volume and open interest suggests growing trader confidence, aligning with the recent breakout and increasing long positions.

Solana Derivatives | Source: CoinGlass

The top altcoin was up 22.75% over the past 7 days, reaching a price of $174.43. Trading volume surged 1.83% in the last 24 hours, hitting $5.27 billion.