Solana Price Breaks First Fibonacci Resistance, Eyes $153.60 Target

According to Bijiie, Solana (SOL) has rebounded from a month-long decline, breaking the first Fibonacci resistance level. Traders are now watching for further upward movement. SOL is currently trading at $141.87, having risen about 3.6% in the past 24 hours. The price has returned to the upper end of the recent $135–$144 range. On a 7-day basis, SOL is nearly flat with a minor 0.9% pullback, but this masks a clear rebound pattern. Meanwhile, the 14-day return shows a deeper 8.3% decline, and the 30-day return remains weak at around -30.3%. Solana's market cap is close to $790 billion, with daily trading volume exceeding $58 billion, indicating strong liquidity. Technically, the daily chart shows Solana attempting to recover from November's sell-off. An automatic Fibonacci retracement drawn from the recent high above $205 to the low near $121.65 shows SOL currently pressing against the 0.236 level at $141–$142. This marks the first significant resistance level being breached in the current rebound. If the price confirms a breakout above this range, the next Fibonacci level at 0.382 (around $153.60) could be the next target, though sellers may re-emerge. If the price fails to hold the 0.236 level, downward pressure could return to the recent support near $121. The directional movement index (DMI) also shows weakening bearish momentum. The +DI line at 13.26 is far below the -DI line at 22.76, indicating that sellers are still in control. However, the ADX is above 45, showing a strong trend, and the narrowing gap between the two lines suggests bearish momentum may be fading. If the +DI line crosses above the -DI line, it would signal a clear shift in momentum to the bulls, increasing the likelihood of Solana continuing its recovery. Market observer account curb.sol also noted that the SOL/BTC pair is approaching a breakout. The chart shows the ratio breaking out of a months-long downtrend, suggesting Solana may outperform Bitcoin after a long period of relative weakness. The target for the SOL/BTC pair is around 0.0035 to 0.0036 BTC/SOL. The observer suggested that Bitcoin-only traders might consider shifting to SOL, though the comment is speculative and not a definitive call. This highlights growing market sentiment that Solana could lead the next upward move if the breakout on the SOL/BTC chart holds.