Solana (SOL) has cleared a major hurdle at $175, flipping long-standing resistance into support and fueling speculation that the altcoin could soon target the $200 level. Backed by a spike in volume and a confirmed ascending triangle breakout, Solana’s price action is aligning with broader market strength–notably Bitcoin holding above $100,000.

Breakout from Ascending Triangle Sets the Stage

The breakout above $175 was driven by a textbook ascending triangle pattern visible on short‑term charts, with SOL reaching an intraday high of $179,74. This formation, known for signaling sustained uptrends, marks a structural shift in momentum. The price is now comfortably above the 200-day moving average, reinforcing a bullish long‑term outlook and indicating a trend reversal is in motion.

Analysts note that with no major resistance levels between $175 and $200, Solana could have a clear path forward assuming buying pressure holds.

On-Chain Data Confirms Market Confidence

Derivatives metrics support the bullish case. Solana’s open interest-weighted funding rate has remained positive since late April, reflecting a bias toward long positions. At the same time, derivatives volume surged 36.65% to $19.46 billion, while open interest edged up to $6.60 billion–both signs of strengthening market participation.

The 7-day price gain now stands at 24.6%, with SOL trading at $181.77 and 24-hour spot volume reaching $5.27 billion. With growing momentum and technical clarity, analysts are watching closely to see whether Solana can break above $180 and build toward the psychological $200 level in the near term.

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