Solana: Is SOL Gearing Up for a Major Breakout?

Once again, Solana (SOL) is making waves within the crypto community, climbing steadily in July 2025 and catching the attention of traders and investors alike. After a period of sideways movement and a protracted correction, SOL is now flashing some serious bullish signals on the day by day charts. But the large query on everyone’s mind: is that this only a passing relief rally, or are we witnessing the beginning of a major breakout?

With strong technical momentum, a rising RSI, and a classic Elliott Wave pattern in play, SOL is currently trading around $177—its highest in weeks. The burning query now’s: can it conquer the $200 mark and even perhaps challenge the $220 resistance zone? Let’s dive into Solana’s price chart, key indicators, and Fibonacci targets to see where this rally is perhaps headed.

Analyzing Solana: Is SOL Entering a New Bullish Phase?

SOL/USD Daily Chart – TradingView

Solana’s price is showing impressive strength on the day by day chart, breaking out from a consolidation zone with bullish Heikin Ashi candles consistently forming higher highs. Currently priced at $177.64, SOL is riding a wave of upward momentum after rebounding from below $130 earlier this month. But the query stays: is that this rally sustainable? Let’s dissect the technicals to find out if SOL can power through to $200 and beyond.

Momentum Check: What Does the RSI Indicate?

The Relative Strength Index (RSI) is a critical tool for gauging trend strength. Here’s what the present chart reveals:

RSI stands at 72.10, suggesting the asset is entering overbought territory. While an RSI above 70 typically signals caution, especially during crypto bull runs, it will possibly remain elevated without triggering a reversal.

This RSI breakout is noteworthy because it’s supported by strong volume and a bullish candle structure, indicating this may very well be the start of a bigger move somewhat than a fleeting overextension.

Decoding Key Fibonacci Levels

Using Fibonacci retracement and extension calculations based on previous price swings, we note the next:

• Local swing low: $122
• Recent breakout level: $160
• Current price: $177.64

Fibonacci extension targets are highly relevant now. Calculating the 1.618 Fibonacci extension from the $122–$160 move gives us:

1.618×(160−122)=1.618×38=61.5

Target=160+61.5=$221.5

This aligns closely with the dotted blue horizontal resistance line near $220 on the chart, confirming this level as a practical short-term goal.

Assessing Support and Risk Levels

Let’s have a look at the chart’s well-defined support and risk levels:

• Immediate support is near $160, which is the recent breakout level.
• Invalidation zone is slightly below $145, where previous higher lows were set.

As long as SOL holds above $160, the bullish outlook stays intact. A dip below $145 could suggest a failed breakout, potentially triggering a corrective move.

Is Elliott Wave Theory Driving This Rally?

The visible Elliott Wave count (labeled 1-2-3) suggests Solana is within the midst of a Wave 3 rally. Wave 3 is often essentially the most powerful, often pushing prices beyond conservative targets. If Wave 1 spanned from $122 to $160 (a $38 move), and Wave 3 mirrors or exceeds this:

Wave3Target=145+1.618×38=145+61.5=$206.5

This places the $205–$220 zone as a possible completion point for Wave 3, followed by a possible mild correction in Wave 4.

Solana Price Outlook for July 2025

Considering the RSI, Fibonacci extension, and Elliott Wave theory, Solana’s price is positioned for continued upward movement. If the bullish momentum holds and Bitcoin stays stable:

• Short-term goal: $200
• Mid-term goal: $220–$225
• Support to observe: $160
• Bearish invalidation: Below $145

This breakout is not only a random surge—it’s supported by structure, momentum, and technical confirmation. The odds are clearly favoring the bulls.

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Image Credit: cryptorank.io