- Solana is moving close to a key resistance level and a break above $170 could spark a powerful upward trend.
- Fibonacci chart levels project the next major resistance points and confirm that $2K could be within technical reach.
- The current pattern reflects strong growth signals that could lead to a long-term move if this breakout holds.
Solana (SOL) is approaching a critical resistance at $170 that could define its next major price movement. Market analyst Ali Martínez, known as @ali_charts, posted a weekly chart showing a bullish setup supported by Fibonacci extensions and long-term accumulation patterns. The current price sits around $161 after gaining over 6% in the past week.
Ali’s analysis suggests a decisive weekly close above $170 may act as a catalyst for a significant upward move. This breakout could push SOL towards the $2,000 range, according to the projection mapped through the Fibonacci 1.786 extension. The chart covers historical price action from early 2022 through mid-2025 and outlines a clear cup-and-handle pattern.
The chart highlights several retracement levels: $78.37 at 0.618, $46.66 at 0.5, and $18.74 at 0.236. The 1.0 Fibonacci level at $206.11 is marked as a key resistance above the current price. If broken, the higher extensions forecast targets at $297.42, $414.41, $744.13, and $1,031.18. The ultimate upside aligns with a potential $5,031 top.
Chart Analysis Reveals Technical Breakout Pattern
The technical structure displayed includes a rounded base formation that formed from late 2022 into early 2024. This rounding pattern reflects prolonged accumulation. A handle formation followed with downward-sloping resistance from a recent local top near $200, signaling a classic bullish continuation setup.
As of July 12, SOL traded at $161.18, after ranging between a low of $147.73 and a high of $168.17 for the week. The breakout target aligns closely with Fibonacci levels, with $206 representing the 1.0 projection. A weekly close above $170 would effectively breach the descending trendline formed during the handle.
Volume profiles and price action suggest consolidation within this range. The price structure supports bullish momentum if resistance is surpassed. The chart also shows historical price interactions with these levels, increasing the validity of this technical analysis.
Notably, Ali charts the 1.618 extension at $2,744.13 and 1.786 at $5,031.18 as extended long-term price targets. These levels may become relevant if market sentiment and broader trends align favorably with breakout confirmations.
Could Solana Realistically Reach $2,000 in This Cycle?
The pressing question remains: Could Solana achieve $2,000 in this bull cycle, or is it an overextended forecast?
According to Ali’s chart, Fibonacci levels project this scenario as plausible. Historical breakouts above major resistance levels have led to exponential gains. If SOL closes above $170 and follows historical patterns, a push to $206, then $297, may validate the path toward $2,000.
Skeptical responses online highlight the ambitious nature of the $2,000 target. A viral reply to Ali’s tweet called the forecast “hopium,” yet such reactions often accompany significant technical setups. Historical bull runs in crypto have shown similar disbelief before large breakouts.
The current price range offers a tight consolidation pattern. If SOL maintains momentum and breaks resistance, higher targets will gain legitimacy. The weekly close in the coming sessions may determine whether Solana begins its next leg upward.
Analyst Ali’s use of Fibonacci extensions and historical structure forms the basis for this bold projection. While the market waits, all eyes are on whether SOL can sustain strength above $170.
