Solana (CRYPTO: SOL) has rebounded from the $186 level, keeping its bullish structure intact and setting the stage for a potential breakout.
Can SOL keep outperforming XRP (CRYPTO: XRP) and Cardano (CRYPTO: ADA)?
Solana Defends Long-Term Trendline
SOL Technical Analysis (Source: TradingView)
On the daily chart, Solana rebounded precisely from the ascending trendline that has guided its advance since the second quarter, holding the $186–$190 range.
The defense preserved a large contracting triangle pattern that has been forming since September, with the apex expected in early November.
Such structures typically precede a sharp expansion in volatility, often serving as a foundation for breakout momentum.
Solana's setup remains one of the cleanest among major assets, with technical alignment supporting potential continuation toward the upper range.
Moving Averages Align in Bullish Formation
The moving averages are beginning to favor buyers.
The 200-day EMA sits near $186.7, while the 100-day EMA is positioned around $199.8.
The 20-day and 50-day EMAs are clustered closely between $210–$212, forming the next key pivot zone.
A sustained close above this area would confirm a shift in short-term momentum and unlock a potential test of the Supertrend resistance at $230.
A breakout beyond $230–$232 could invalidate the triangle's upper boundary and open a measured move projection toward $260–$300.
Derivatives and Spot Data Support the Rebound
SOL Derivative Analysis (Source: Coinglass)
Open interest has climbed back to between $10.3 billion and $10.6 billion, showing renewed trader participation without signs of excessive leverage.
Daily trading volume has increased by nearly 19%, while options activity has surged by more than 150%, signaling expectations for range expansion.
Exchange long-short ratios show balanced positioning, with Binance above three, OKX over two, and aggregate ratios near parity.
This equilibrium suggests healthy market dynamics, where speculative longs are present but not extreme.
SOL Netflows (Source: Coinglass)
Spot flows add further support.
Approximately $178 million in exchange outflows occurred during the recent dip, yet price held its structure and reversed higher.
When heavy outflows fail to push price lower, it often indicates absorption of selling pressure by larger market participants.
Key Levels to Watch
Support remains anchored at $186–$190, backed by the 200-day EMA and the primary trendline.
A breakdown below this region could expose $172–$175, and deeper toward $160 if selling pressure intensifies.
On the upside, resistance sits at $210–$212, followed by the $228–$232 breakout zone.
A confirmed close above this range would signal continuation toward $255–$260, with potential extension to $290–$300 if momentum strengthens.
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