Solana’s $134 Defense Powers Explosive $300 Breakout

Solana (SOL) is capturing the attention of traders and investors alike with a compelling technical setup on its long-term chart. According to a recent analysis shared on X by technical analyst @butterfly_chart, SOL is currently testing the lower boundary of an ascending triangle on the 2-week (2W) timeframe. This pattern, often seen as a bullish continuation signal, suggests that SOL could be on the verge of a significant upward move.

Buyer Intervention Strong

An ascending triangle is characterized by a flat upper resistance line and an ascending lower trendline formed by higher lows. In SOL’s case, the chart spans from 2021 to 2026, showing the price consolidating within this formation. The upper resistance appears to hover around the $250 mark, while the lower trendline has been steadily rising, reflecting increasing buyer interest over time. As of January 19, 2026, SOL is trading at approximately $134.26, down slightly from recent peaks but holding firm at this critical support level.

The analyst notes that the market is reacting positively at this support, with bulls stepping in strongly. This is evident from the price action, where dips are being bought aggressively, preventing a breakdown. Volume indicators on the chart also show a decrease during the consolidation phase, which is typical before a breakout. If the bounce confirms, as @butterfly_chart predicts, SOL could “skyrocket” toward much higher levels. Traditional technical analysis suggests that a breakout from an ascending triangle could target the height of the pattern added to the breakout point, potentially pushing SOL toward $300 or beyond, depending on the measured move.

Ecosystem Momentum

This setup comes amid Solana’s growing ecosystem in Web3, with advancements in decentralized finance (DeFi), NFTs, and high-speed transactions bolstering its fundamentals. Despite broader market uncertainties, including regulatory pressures and competition from Ethereum layer-2 solutions, Solana’s resilience is noteworthy. Recent on-chain data shows increased network activity, with daily active users surpassing 1 million and transaction volumes spiking.

However, traders should exercise caution. A failure to hold the lower trendline could invalidate the pattern, leading to a potential retest of lower supports around $100. Risk management is key—set stop-losses below the trendline and monitor for confirmation candles on higher volume.

For crypto enthusiasts, this ascending triangle represents an exciting opportunity. As the market awaits confirmation, all eyes are on SOL to see if the bulls can orchestrate the anticipated surge. Stay tuned for updates on this developing story.