The price of Solana (SOL) demonstrates support for an upward trend based on various technical analyses.
Cup and Handle Pattern
Analyst Ali Martinez noted that the price of Solana has formed a large cup-and-handle pattern on high timeframes.
This structure has been forming over several months, beginning with a rounded bottom formed between late 2022 and mid-2023.
The right side of the cup has developed gradually as buyers regained control. Martinez noted that the handle segment is nearing completion within a tight descending channel.
The neckline of this pattern lies in the $160 to $175 range. Solana is now consolidating just below this resistance. If the SOL price closes above the neckline with volume confirmation, it may trigger the next leg of the uptrend.
Inverse Head and Shoulders
Analyst BitGuru noted that on lower timeframes, Solana's price is demonstrating two significant bullish reversal patterns.
A double bottom formation occurred around the $141.84 level, which initially provided strong support.
The SOL price rebounded sharply from this zone, suggesting increased buying activity. The inverse head and shoulders pattern is now visible above this level, with a neckline just under $155.
The presence of these two reversal signals supports further upside, particularly if the neckline is broken. The double bottom structure indicates that bears failed to push below $141.84 after two attempts.
Key Levels to Watch
The $160 to $175 area remains the most critical resistance range for Solana price. Both the cup-and-handle and inverse head-and-shoulders patterns converge around this zone.
If bulls manage to push through this resistance with strong momentum, it may open the path for a Solana price rally to $260 or $300.
However, failure to close above $175 may lead to renewed selling pressure. A breakdown from the $148 support area could send SOL back toward $141.84 or even the recent low of $125.99.
In the near term, the direction of Solana price movement will be defined by the actions within the consolidation zone where it shows signs of a potential breakout.
