Solana Rally Targets $260 After Robinhood Relisting

Solana (SOL) recently retested the $220 level, sparking speculation of a possible new all-time high. The latest price jump follows Robinhood’s decision to relist Solana, which helped drive the altcoin back to the $200 mark. This relisting triggered a breakout from a bullish flag pattern, suggesting further upward momentum.

A bull flag is a chart pattern that indicates potential price rallies. It begins with a sharp price increase (the “flagpole”) as buyers gain strength, followed by a consolidation phase, forming parallel trendlines (the “flag”). Solana’s breakout from this pattern has strengthened expectations of further gains, with potential targets around $260 and, in the mid-term, possibly reaching $320.

The Bull Bear Power (BBP) indicator currently shows positive momentum for Solana. This indicator compares the highest price with a 13-period Exponential Moving Average (EMA) to gauge whether buyers (bulls) or sellers (bears) are in control. Since Solana’s price remains above the EMA, the outlook leans bullish, suggesting that buyers have maintained momentum.

Additionally, the Parabolic Stop and Reverse (SAR) indicator supports this positive trend. The SAR indicator helps identify trend direction and possible price reversals, with dots placed below or above the price line to indicate trend changes. Currently, the dots are below Solana’s price, indicating an ongoing uptrend. Historically, when Solana reaches this setup, it often leads to a double-digit gain.

If Solana’s upward movement continues, it could climb to around $260 within days. Should the trend hold, a rally to $320 is possible. However, if the SAR dots move above the price, it could signal a reversal, potentially bringing Solana below the $200 mark.