Solana (SOL) Resumes Its Ascent

​Over the weekend SOL managed to break out of its downtrend channel which it revisited and which acted as support on Tuesday and Wednesday.

​The May-to-July tentative downtrend line and 55-day simple moving at $158.00-to-$158.37 are now in sight, together with the 30 June high at $159.99.

​Were the SOL token to rise above $159.99, the 200-day simple moving average (SMAs) at $166.28 and 11 June high at $168.36 would likely represent upside targets.

​Further up sit the May highs at $184.88-to-$187.71 which represent the next higher potential target area.

​As long as SOL remains below its $158.00-to-$158.37 resistance zone on a daily chart closing basis, the June-to-July uptrend line at $148.37 may be revisited. Another potential downside target would be the 1 July low at $144.85 in this scenario.

​Below it lies the more significant $141.63-to-$140.43 support zone.

​Were it to give way, the next lower $136.69-to-$136.01 support area may be reached as well.

​Still further down lies the 22 June low at $126.00 which was made close to the mid-April low at $123.51.

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