Key Takeaways:
Solana formed a megaphone chart pattern with a potential $210 price target.
Solana’s ecosystem growth highlights renewed investor interest with a $4 billion realized cap increase and 731 million transactions.
Solana (SOL) price tested its key resistance at $180 earlier this week, but the altcoin failed to establish a position above the level. Over the past few days, SOL has consolidated above the $170 mark, but prices have dropped 5.65% since May 14.
Including the recent minor dip, Solana has formed a megaphone pattern on the 4-hour chart, a classic technical setup indicating increasing volatility.
Solana 4-hour chart. Source: Cointelegraph/TradingViewThe chart illustrates that the megaphone’s upper resistance trendline sits near $185, aligning with immediate resistance at $180. A confirmed breakout above this level could propel SOL toward the pattern’s first target at $210, calculated by measuring the widest part o ..
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