Solana on the verge of a breakout: Will SOL hit $400?

The cryptocurrency market is back in the spotlight, and this time all eyes are on Solana. The latest technical analysis shows that Solana (SOL) is approaching an important resistance at $250, which could be the starting point for a new rally.

A technical breakout on the horizon

Solana is displaying a classic cup-and-handle pattern on the chart, which is considered a strong bullish signal. This pattern highlights the critical role of the $250 level, which coincides with the 100% Fibonacci level. A breakout of this level could open the way to the $400 mark.

“A breakout above $250 could be the launch pad for the next major rally,” analysts say.

The growth of the Solana ecosystem

The Solana ecosystem continues to impress with its rapid growth. Total value of assets locked (TVL) reached a record $9.215 billion, accounting for 6.74% of all blockchains. This growth momentum is boosting investor confidence and attracting new developers.