Solana recovered 2.13% to trade at $170 after a recent pullback. With a falling wedge breakout and 11.16 million wallets holding 0.1 SOL or more, the altcoin is targeting $215.
After pulling back from $185 to $165, Solana shows signs of a potential bullish comeback. It trades at $170, posting an intraday recovery of 2.13%. Could this rebound in SOL spark a breakout rally toward $215?
Solana Price Analysis
On the daily chart, Solana displays a breakout from a falling wedge pattern and is gradually gaining momentum. The breakout rally pushed the price up nearly 50% in just over a month, reaching the 61.80% Fibonacci level at $184.52.
However, a strong supply zone overlapping with this critical Fibonacci resistance triggered a pullback, resulting in a retest of the 50% Fibonacci level at $165.71.
As Solana holds above this crucial support level, Monday’s intraday recovery, combined with a lower price rejection, suggests a bullish resurgence. That said, momentum indicators show slight weakness in trend strength. The MACD and signal lines have formed a bearish crossover, while the daily RSI has dropped from the overbought zone to around the midpoint.
If the broader market recovery continues, a potential breakout could challenge the 78.60% Fibonacci level at $215. In an optimistic scenario, an extended bull run might even revisit the $261 peak reached in late January.
Conversely, a daily close below $165 would invalidate the bullish outlook and likely lead to a test of the 38.20% Fibonacci level at $148.
Solana Holder Count Hits New All-Time High
Supporting the bullish case, crypto analyst Ali Martinez recently highlighted a sharp increase in Solana wallet holders. In his latest tweet, he noted that the number of wallets holding at least 0.1 SOL has reached a new all-time high of 11.16 million.
With a growing base of investors, Solana’s upward trend appears poised to gain further momentum, raising the likelihood of a breakout rally toward the $215 mark.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
