Amid the recent market pullback, Solana (SOL) is attempting to reclaim a crucial area to continue with its bullish rally. Some analysts have suggested that the cryptocurrency will likely break out to new highs if a key support level is held.
Nonetheless, higher-than-expected macroeconomic signals and the US’s decision not to purchase BTC for its Strategic Reserve sent the market into a nosedive, with most tokens bleeding throughout the day.
The altcoin dropped to the $188 area before bouncing. After the brief market recovery, SOL continued to retest the $180-$190 area, hovering between the $184-$186 support zone throughout Friday afternoon.
The analyst pointed to a six-month ascending triangle pattern on the altcoin’s chart, which targets the $360 area once it breaks out of the formation. Notably, SOL has retested the pattern’s resistance twice since the July breakout, with its latest rejection occurring on Thursday.
To the market watcher, Solana will likely break out and move to ATH levels soon if it holds above the $180 level, which has been a crucial support and resistance area for the altcoin this cycle.
As of this writing, SOL is trading at $184.9, a 4.7% decline in the daily timeframe.
