Solana Needs $210 Close to Trigger $400 Breakout
Analyst DusXBT identifies a Solana (SOL) ascending-triangle formation on daily and weekly charts. Solana must record a decisive close above $210 with above-average volume to confirm the breakout. On confirmation, immediate targets are $250 and $260–$280, with a midterm extension toward $400. A failure to clear $210 or a drop below the rising trendline risks a decline to the $180–$170 support zone. On-chain metrics remain strong: TVL at $11.4 billion, stablecoin supply of $12.8 billion, 24-hour DEX volume of $2.6 billion, over 2 million active addresses, and 408 million SOL staked. Derivatives data show rising open interest and balanced funding rates. SOL outperforms BTC but lags ETH, while the RSI sits in neutral territory.
Bullish
The ascending triangle formation is a bullish continuation pattern that typically leads to strong upward moves upon confirmation, especially when backed by robust volume. A decisive close above $210 on daily or weekly charts would clear key resistance and likely push SOL toward $250, then $260–$280; sustained momentum could bring it to $400 in the midterm. On-chain data—high TVL, strong DEX volume, and 408 million SOL staked—and rising open interest with balanced funding rates further support upward pressure. In past instances, such as SOL’s early-2023 breakout, similar setups triggered significant rallies. Short-term, traders will watch the $210 close and retest; long-term, solid network fundamentals and staking conditions underpin bullish sentiment.