Solana is preparing for a bullish breakout at $ 300

Solana SOL $150.67 Binance-Peg SOL -0.02% Market capitalization $0.17 billion VOL. 24 hours $0.23 billion continues to trade below the key resistance level of $ 180, demonstrating uncertainty on the short term. At the same time, the cryptocurrency has been above its 50-week exponential moving average (EMA) for the third week in a row, which is traditionally considered a signal of future growth.

In the past, a similar situation — in particular, at the end of 2023 — led to the fact that after overcoming the 50-week and 100-week EMA, Solana grew by 515% by March 2024. The current value of the Relative Strength Index (RSI) is 52.60, indicating moderate but stable buying activity.

According to technical analysis, the nearest target is $ 300, which is 70% higher than the current price. This benchmark is based on the Fibonacci retracement of the rise from the January high of $ 295 to the recent low of about $ 95. If this line is broken, analysts expect further movement to $ 418.

However, downside risks remain. If SOL fails to stay above the 50-week EMA, the price may fall to the support zone in the range of $ 152-$ 157. This is a key level for maintaining the uptrend, traders warn.

In the futures market, open interest in Solana reached $ 7.5 billion, just slightly less than the record of January 2025. Such activity indicates increased speculation and possible volatility. Although funding on exchanges has become negative (a sign of pessimism), this also increases the likelihood of a short squeeze. Market participants are currently divided in their forecasts: some see the prospect of growth to $ 300, while others see the formation of a «double top» on the chart, which potentially entails a correction to $ 150.