Solana is once again attempting to break through the critical resistance level of $205. After last week’s failed breakout, traders are closely monitoring this zone.
Current Situation Overview
Solana is testing the $205 resistance level, sitting at the top of a well-formed triangle pattern. After failing to hold above this level last week, SOL is making another move.
Trading Volume Significantly Lower
One of the key differences between this attempt and the previous breakout is the volume. Last week’s move came with a noticeable spike in volume indicating strong bullish interest. In contrast, today’s push is occurring with relatively low volume, raising concerns about the breakout's sustainability.
What to Watch Next
For Solana to successfully break out and aim for the $255 target, traders will want to see a clear daily close above $205, ideally backed by rising volume. If this does not happen, SOL may fall back into the triangle, leading to consolidation or a retest of lower support levels.
Current market conditions and broader sentiment will play a role in how this breakout unfolds. Traders are focused on confirming the strength of the $205 level.
