Solana’s return from the bottom of the ascending channel; Will the $300 peak finally be conquered?

Solana (SOL) is trading near one of its most important monthly supports around $132 these days; The level that corresponds to the bottom of the long-term ascending channel and has been the starting point of strong trends several times before.

The published charts show that as long as this trend line holds, Solana’s bullish structure remains intact, and $263 and $315 targets are back on the table.

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Also, the Stochastic RSI has recorded a golden intersection in the oversold area on the weekly timeframe, which is usually an early sign of a trend reversal.

In the 4-hour timeframe, Solana reacted positively above the $125-124 support and is now fluctuating below the $140 resistance. If the price can consolidate above $134-135, the short-term targets of $145 and $149 will be activated.

On the other hand, the launch of the Solana spot ETF by Franklin Templeton and attracting $4.59 million in capital in one day could boost market sentiment. All in all, holding key supports could be an important signal for the start of a new bullish wave.