Solana (SOL) has recovered from the recent market pullback after bouncing from its local bottom. Amid its recent breakout from a bullish formation, some market watchers suggest that the cryptocurrency could recover its start-of-year glory.<\/p>\n
Solana is recording a 2.45% surge in the weekly timeframe after recovering from its recent drop to the $140 area. The altcoin has seen a significant recovery from its multi-month downtrend, which led the token to hit a 14-month low of $95 during the early April retraces.<\/p>\n
However, SOL lost the $160 area amid the recent market corrections<\/a>, dipping 11% in one week. Over the weekend, its price bounced nearly 10%, reclaiming the $150 level as support and forming an ascending triangle pattern.<\/p>\n Crypto analyst Ali Martinez highlighted the 3-day formation in Solana\u2019s chart, suggesting a potential 6% jump to its recently lost support level. According to the post, the cryptocurrency broke out of the triangle formation on Monday after reclaiming the $155 area.<\/p>\n A retest and breakout confirmation could propel Solana to the $164 barrier, which has not been seen in two weeks.<\/p>\n Analyst CW noted<\/a> that if SOL breaks through the selling barrier around the $160 level, \u201cthe previous price will recover quickly,\u201d as reclaiming this level could send the price straight to the $180 area.<\/p>\n Notably, the altcoin\u2019s next significant selling wall is around the $180 resistance, which it has been unable to reclaim despite touching a $187 three-month high during the recent market rally.<\/p>\n Recovering this key barrier could also push SOL\u2019s price toward the $200 mark, enabling a rally<\/a> to new highs. However, failing to hold the current levels could send the cryptocurrency\u2019s price back toward the $142 buying wall, which served as support last week, or even the $135 level, where the next buy wall sits.<\/p>\n Market watcher Jeremy pointed out<\/a>\u00a0that Solana is \u201cfinally breaking out from this downtrend consolidation.\u201d Per the post, the cryptocurrency has been consolidating in a descending channel since late May, hovering between the $140-$187 price range.<\/p>\n Throughout this period, SOL\u2019s price moved from the $180 mark toward the $144 support. Nonetheless, it broke out of the two-week descending<\/a> channel after reclaiming the $155 level.<\/p>\n Jeremy suggested that Solana\u2019s price could \u201cactually climb higher\u201d if global conflicts and political disputes, like the Trump-Musk online feud, don\u2019t continue to affect the market, concluding that \u201c1 SOL = $300 is just a matter of time.\u201d<\/p>\nSOL Preparing To Climb Higher?<\/h2>\n