$145 Stop, $262 Target — SOL Bullish Breakout Looks Unstoppable

The chart presents a clean bullish reversal from the previous downtrend observed between February and early April. After breaking the long-term descending trendline, Solana (SOL) flipped structure and has been printing higher highs and higher lows, signaling a transition into an uptrend.
This is reinforced by the ascending blue trendline that currently acts as a dynamic support. Each price correction respects this trendline, showing that buyers are defending higher levels.

✅ Key Technical Justifications for Bullish Bias
1. Break of Downtrend
The long-term descending trendline from the February highs was broken decisively.
This signifies a trend reversal, which has since seen SOL push into a new bullish channel.

2. Strong Higher Lows
Price has been consistently making higher lows, respecting the blue uptrend line.
This price behavior confirms increasing bullish momentum.

3. Support Level Holding
The horizontal support around $96.59 was respected during the reversal.
This base forms the foundation of the bullish wave we’re seeing now.

4. Bullish Price Compression
After a strong impulsive rally, SOL has entered a consolidation just above the trendline.
This resembles a bullish flag or pennant, typically a continuation pattern.

5. No Major Resistance Until $260+
The nearest strong resistance sits around $262.56, which aligns with a previous breakdown zone and coincides with your take-profit (TP) zone.
With no serious resistance in the $200–$250 range, price can climb smoothly once bullish continuation triggers.

📊 Trade Setup (Long Position)
• Entry: Around $174.30 (current market zone as per chart)
• Stop Loss (SL): $145.00 (Below recent swing low and dynamic support — gives the trade breathing room)
• Take Profit (TP): $262.56 (Aligned with horizontal resistance and measured move target)

Risk-to-Reward Ratio: 2.91
Potential Reward: +50%
Potential Risk: -17%

This trade setup is not only favorable from a risk/reward standpoint but also follows price structure, trend, and technical confirmation.

🧠 Final Thoughts
Solana (SOL) on the daily chart has shifted into a clearly bullish phase after a textbook breakout from its multi-month downtrend. The current setup shows a healthy trend structure, room for price expansion, and favorable technicals across the board. The next key breakout will likely occur above $180, and that can send SOL quickly into the $240–$260 range. If you're looking to ride a swing position into Q2-Q3, this is one of the cleaner long setups currently on major altcoins.