Solana price breaks out above $182 as bullish structure confirms continuation pattern
Solana confirms bullish breakout above $176 neckline, supported by rising volume and open interest
Solana (SOL) traded around $182.61 on Friday, marking a 3.76 percent intraday gain following a clean breakout above the neckline of a multi-month cup and handle formation. The bullish continuation pattern, confirmed by a decisive move above the $176 resistance zone, is supported by rising open interest, short liquidations, and renewed upside momentum across the broader Solana ecosystem.
Highlights
- Solana confirms breakout above $176 neckline, trading at $182.61 with 3.76% daily gains
- Open interest rises to $9.66B as over $46M in short liquidations fuel continuation rally
- BONK, FLOKI, and PENGU lead Solana ecosystem with double- and triple-digit percentage gains
The breakout has also flipped prior resistance levels around $160.88 and $157.28 into support, reinforcing the technical reversal. The move above $176 also completes a broader shift in market structure, with the token breaching a descending trendline in place since April and making a clean exit from the Ichimoku Cloud.
SOLUSD price dynamics (Source: TradingView)
Price remains well-supported above the 20/50 EMA cluster, and the breakout trajectory points to an extended rally toward $230–$250 based on the measured move of the formation. The transition from lower highs to a higher-high, higher-low regime suggests that bulls are back in control, provided price holds above the $160 mark on a daily closing basis. The derivatives market confirms this sentiment. Open interest surged 8.80% to $9.66 billion, with volume up 7.64% to $26.52 billion, reflecting growing trader conviction. Binance’s long/short ratio stands at 2.42, while top trader positioning is even more skewed at 2.79, indicating sustained bullish bias across market segments. Meanwhile, short liquidations exceeded $46 million in the past 24 hours, creating the conditions for a potential secondary leg higher as late sellers continue to exit.
Solana ecosystem tokens follow momentum surge
Solana's rally also coincides with strength in ecosystem tokens like BONK, FLOKI, and PENGU. BONK, now forming its own cup and handle setup, could potentially gain 300 percent if it breaks above $0.000024. Similarly, PENGU has already rallied 143 percent in the last two weeks and is targeting the $0.038 level. FLOKI, backed by prominent analyst forecasts, posted a 29 percent monthly gain, while BONK surged 96 percent since July. The broader rise across Solana-based assets points to renewed network interest and capital inflows, especially in DeFi and NFT segments. With several tokens confirming technical breakouts and strong volume inflows, the current rally appears underpinned by both structural and sentiment-driven momentum.
In earlier coverage, we noted Solana was nearing a key breakout from a multi-month cup and handle formation. That move has now played out, validating the bullish structure. The neckline at $176 has flipped to support, and as projected, the rally has gathered momentum backed by increasing open interest and volume. Unless SOL closes back below $160, the path toward $230–$250 remains in play.
