Crypto update: Solana is breaking out

We highlighted Bitcoin, Ethereum, Solana, and Ripple on September 9, but the outlook on Solana has since improved.

Previously, Solana faced resistance in the 218s alongside a negative divergence in the daily MACD histogram. That resistance has since been broken, confirmed by bullish momentum as the MACD histogram pushed above its July–September downtrend line.

Former resistance at 218.66-218.52 has the potential to act as support. Holding above or near this area would keep Solana's bullish breakout intact, with upside targets at 275.64 (161.8% Fibonacci extension) and 294.85 (January spike high).

In theory, sustaining a rally above a 61.8% retracement level (218.66) increases the potential for a full retracement of Solana's January into April decline.

The bottom line: Holding the 218s keeps Solana's upside breakout intact for 275-295.

Chart 1: Solana (SOL/USD) (top) and MACD Histogram (bottom)