Solana has been on the watchlist for some time.

Like many altcoins following Bitcoin's lead, it began developing a Double Bottom, though it was notably late in doing so.

As of mid-April, the second half of that formation was still taking shape, with the structure incomplete.

By late April, promising signs emerged.

The second bottom was developing, and the Double Bottom formation was beginning to mature, setting up the conditions for a potential breakout above the pattern's neckline.

That breakout has now occurred.

Price produced a Weekly Close above the top of the Double Bottom (blue horizontal) and the retest of that level as new support is currently underway.

A successful retest here would fully confirm the Double Bottom breakout.

That confirmation would activate a one-to-one Measured Move, pointing back toward the low $100s.

But that near-term picture exists alongside a larger macro question.

Both $99.06 and $123.28 (black horizontal) were historically significant supports.

Those same levels now stand as prime candidates to turn into resistance, and the Monthly timeframe will be the one to watch as price approaches them.

For now, the Weekly setup is constructive.

The breakout is in progress, the retest is underway, and the week-to-week case for further upside holds.#$SOL #Large SOL transfers detected