Solana has just made a significant move in the crypto market. Breaking out of a Symmetrical Triangle pattern, the asset is now on analysts’ radars for its next potential target. This technical breakout could signal a bullish run for SOL, with eyes set on $164.
A Symmetrical Triangle is a technical analysis pattern where the price moves within two converging trendlines. The upper line acts as resistance, while the lower one provides support. As the price narrows toward the triangle’s apex, a breakout becomes increasingly likely. For Solana, this breakout happened to the upside, a bullish indicator.
Analyst Ali Martinez shared this observation on X, highlighting the importance of the breakout. The pattern suggests that the price could now aim for a target equal to the height of the triangle at its widest point. In Solana’s case, Martinez points to $164 as the next key level.
Fibonacci extensions add another layer to this prediction. The $164 target aligns with the 1.272 Fibonacci extension level. This level is derived from the golden ratio, a mathematical concept often used in trading to predict potential reversal or continuation points.
At the time of writing, Solana is trading around $158, up 3% in the last 24 hours. The market is clearly reacting to this breakout, and traders are watching closely to see if SOL can maintain its momentum. A move toward $164 would confirm the strength of this breakout.
Symmetrical Triangles are unique because they don’t favor a direction. Unlike Ascending or Descending Triangles, which have inherent biases, this pattern is neutral until the breakout occurs. Solana’s upward move suggests buyers are in control, at least for now.
The crypto market is no stranger to volatility, and Solana has had its fair share of ups and downs. But with this technical breakout, the narrative might be shifting. If the $164 target is hit, it could open the door for even higher gains.
For traders, this is a critical moment. Confirming the breakout with sustained buying pressure will be key. Any pullback below the triangle’s resistance-turned-support could invalidate the bullish outlook. But for now, the charts are painting a promising picture for Solana.
