Solana shows signs of breakout after surpassing $150 mark

Solana (CRYPTO:SOL) is displaying signs of a potential rebound after crossing the $150 mark for the first time since October 1.

This recent upward movement suggests the possibility of a breakout from the three-month resistance levels that have restricted the token’s growth.

Earlier in October, Solana hit $160 before dropping to $136.90, but its current price at $152.08 indicates a recovery.

The altcoin had previously struggled to break through resistance levels at $185 in July and $160 in September, but the latest surge may signal the end of this downtrend.

Market participation is also on the rise.

Open Interest (OI) in Solana’s derivatives market has increased, reaching $1.89 billion, reflecting growing trader confidence.

This heightened buying pressure typically supports further gains, as more contracts are being opened in the market.

In addition to increased OI, Solana’s Relative Strength Index (RSI) shows bullish momentum.

The Supertrend indicator has also flashed a buy signal, further reinforcing the potential for continued upward movement.

If Solana manages to surpass the $159.42 resistance, it could gain as much as 32%, with a price target of $201.55.

However, analysts warn that if Solana fails to break through key resistance levels, the token could see a reversal, potentially dropping to $128.36.

At the time of writing, the Solana price was $153.11.