Solana (SOL) Nears Final Barriers to All-Time High: Price Analysis
Solana (SOL) is in cruise mode as it heads towards what could be the last two barriers before getting back to its all-time high of $295. Will the $SOL bulls push it over these obstacles? How is $SOL performing against $ETH and $BTC?
$SOL hits first of the big obstacles
Source: TradingView
The daily chart for $SOL shows how the price has been traversing up inside a wedge pattern since early April of this year. That was the local bottom of just under $100, and from there it has been a nice gradual ascent.
Today the price is up against the $219 resistance, while only just above this is the top of the wedge. This is the first combined obstacle that the bulls must overcome. If there is a rejection from here, the major support level at $202 isn’t that far below, and would potentially enable a reset of the momentum indicators.
$252 major resistance is second big obstacle
Source: TradingView
The weekly chart puts things more into perspective for the $SOL price. The 50-week SMA (blue line) served as major support for $SOL from the start of the huge ascension in October 2023 through to the all-time high early in 2025. After that, the price crashed down through the 50-week SMA but has now gained above it once again.
The second of the two obstacles that are left for $SOL is the big resistance at $252. This level has rejected three major rallies so far, and so the $SOL bulls will be hoping fourth time lucky.
$SOL now turning the tables on $ETH
Source: TradingView
Against its $ETH pair (SOL/ETH) $SOL is now starting to turn the tables. A beautiful touch of the 0.618 Fibonacci marked the spot where $SOL began to take control again. A descending wedge that led out of the ascending channel has now been broken to the upside, and with momentum definitely on the side of $SOL now, it might be expected that the price at least regains the bottom trendline of the channel.
SOL/BTC approaching huge descending trendline
Source: TradingView
For the SOL/BTC pair it can be seen that the $SOL bulls are also attempting to gain the upper hand. So far this week $SOL is managing to drive up from the huge 0.0019 BTC horizontal resistance, and looks as though it will flip this into support.
The W pattern, which was drawn on this chart near the bottom, is continuing to play out, although the approaching descending trendline will be the battle royale for SOL/BTC. If $SOL can penetrate above this, the next target would be the resistance at 0.00294 BTC, with a higher high slightly above this.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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