Solana (SOL) price is breaking out of a bullish formation with a potential target at the three-week high.

With the rest of the crypto market becoming increasingly optimistic about a recovery, SOL is likely to achieve this goal.

Solana is an attractive investment

Solana price is rising and from the looks of it, this altcoin is likely to attract the attention of newcomers. This is because SOL is trying to bring the reward/risk from negative to positive.

As evidenced by the Sharpe Ratio entering positive territory (above the zero line), Solana appears to be an attractive investment. This could attract investors from other assets and first-timers, given the altcoin's exceptional reputation in the market.

SOL Sharpe Ratio | Source: Messari

Second, broader market signals are also turning bullish. The relative strength index (RSI) also demonstrated the same, breaking above the descending, upward-sloping resistance line and trying to reclaim the 50 level.

SOL Daily RSI | Source: TradingView

Potential breakthrough

At the time of writing, Solana price was trading at $154 and is in the process of breaking out above an ascending triangle pattern. The ascending triangle is a bullish pattern, represented by a horizontal resistance line and an ascending support line.

A potential breakout above the  triangle would signal a continuation of the uptrend.

SOL/USDT 8-hour chart | Source: TradingView

This is also the case for Solana as the altcoin is above the $153 resistance. According to the model, the altcoin's potential target is $191. This price is nearly 25% higher than the current price.

Source: https://tapchibitcoin.io/gia-solana-sol-co-the-tang-25-sau-dot-pha-tiem-nang.html