Solana (SOL) has delivered a dramatic shift in market structure, breaking above a descending parallel channel that had dominated its price action for several weeks. Ali Martinez (@ali_charts), who shared the attached four-hour chart, suggests that this breakout could position the token for a potential climb toward $213.<\/p>\n
The chart<\/a>, which spans from January into early March, shows a steadily declining pattern where price repeatedly tested and respected both the upper and lower boundaries of the channel before the latest bullish push propelled SOL beyond the channel\u2019s resistance.<\/p>\n The descending parallel channel highlighted in Martinez\u2019s analysis is visually evident from a series of lower highs and lower lows, forming a consistent downward slope. Each brief recovery in previous weeks failed to clear the channel\u2019s midline, reinforcing bearish pressure. However, once SOL\u2019s price managed to rise above this midline, bullish momentum<\/a> began to build, culminating in a decisive move through the upper boundary. This kind of channel breakout often suggests that sellers have been exhausted, allowing buyers to take control of the market.<\/p>\n Notably, the breakout comes with two major catalysts for Solana. First, the massive Solana unlock by the FTX<\/a> estate is done (March 1). Second, yesterday, US President Donald Trump announced the inclusion of Bitcoin, Ethereum, XRP, Cardano and Solana in the United States\u2019 Strategic Crypto Reserve<\/a>.<\/p>\n One of the most critical elements in Martinez\u2019s forecast is the $213 target, which is derived from the channel\u2019s height from the breakout point in combination with 0.382 Fibonacci retracement level. Currently, in the aftermath of a breakout, a retest of the broken resistance is taking place \u2014to turn it into support. The $160-165 zone is the area where buyers might attempt to defend the token\u2019s new uptrend.<\/p>\n To the upside, the key Fibonacci retracement levels above Solana\u2019s current price of $170.19 are $174.11 (0.618), $192.62 (0.5), $213.11 (0.382), and $241.50 (0.236), with the full retracement level at $295.60 (0.0) serving as the ultimate bullish target based on the chart\u2019s structure.<\/p>\n The overall sentiment among analysts supports Martinez\u2019s bullish outlook. Jelle (@CryptoJelleNL) pointed to the significant Solana unlock event that is now behind us and underscored the fact that the weekly candle closed in the green. According to his observations, SOL has reclaimed crucial support after taking out its lows, with a trendline that continues to hold firmly.<\/p>\n \u201cMassive $SOL unlock behind us, and the weekly candle closed in the green. Lows taken out, support retested, trendline holding. Pretty sure the next SOL push sends it into price discovery \u2013 hard,\u201d he writes via X.<\/p>\n