Solana (SOL) Approaches Key Resistance as Bullish Indicators Align; Breakout Could Push SOL Above $220

Bitcoin's recent surge to new all-time highs has brought a bullish outlook to the broader crypto market, boding well for altcoins like Solana and suggesting more upside despite some bearish activity.

According to the latest analysis, this move seems to have flipped the market trajectory, with the altcoins close to validating a bullish breakout.

After rebounding from support, SOL is now targeting 8% gains. However, there is potential for a final short-term correction before the bulls take over and push for higher levels.

During the last leg of the 2021 bull run, Solana stunned the market with a 100x rally, becoming one of the fastest-growing Layer-1s in the blockchain industry.

Later, the token saw a steep correction of over 90%, finally finding support at $30. After several months of consolidation, the cryptocurrency seems to be preparing for another leg up.

As seen in the above chart, the Solana price is trading close to the apex of the rising wedge. The price triggers a rebound from the support at $177 and seems to be advancing towards the resistance at $195.

The CMF has been rising since the start of the month, while the MACD is about to undergo a bullish crossover, being within the positive range. Hence, the price could be poised to maintain a healthy upswing ahead.

Meanwhile, after a breakout from the rising wedge, the token may face a correction that could drag the levels back to $180 or slightly lower. After squeezing out all the selling pressure, the bulls are expected to take over the rally and push the levels back above $200 in a short time.

However, the Solana (SOL) price may face some bearish action at these levels, but the bulls could have held a tight grip over the rally, which may keep up the bullish momentum over the rally and test the higher targets at $220 initially and later at $250.