Analysts predict a significant rise in Solana's (SOL) price, based on the current 'cup-and-handle' pattern forming on the asset's chart.
Cup-and-Handle Formation Signals Strength
On the weekly data, Solana's price activity indicates that a protracted cup pattern is coming to an end. The cup started in the middle of 2022, had a low point in 2023, and has been rising since 2024. A falling consolidation is currently taking shape on the handle. Key resistance sits near $250, where previous price movements faced rejection. A breakout from this formation often results in a rally. Additionally, historical trends show similar setups have led to major price surges. If SOL clears $200, the cup-and-handle structure will confirm bullish momentum. This could open the path to higher levels, possibly beyond $3,000 based on past projections.
Short-Term Accumulation and Resistance Levels
In the short term, according to crypto analyst Ted, SOL is consolidating within a tight range. The 2-hour chart from OKX shows price action moving along an ascending trendline. Buyers have consistently pushed higher lows, supporting the bullish structure. The resistance zone between $134 and $136 has been a major barrier. Multiple rejections in this area indicate strong selling pressure. However, the ascending trendline suggests that buying momentum remains intact. A clean breakout above $137 could trigger a rally, pushing the price towards $138 and beyond.
Key Levels and Market Sentiment
Market sentiment remains optimistic, with traders closely monitoring key resistance levels. A break above $137 may signal the beginning of a new upward movement. Conversely, if the price faces rejection, a pullback to the trendline is likely. On a macro level, SOL’s bullish structure remains firm, supported by strong accumulation. If SOL sustains momentum, a breakout above $200 could be imminent. Besides, technical indicators align with historical patterns that previously led to significant price increases.
Analysis of the current charts and historical data for Solana indicates the possibility of continuing bullish trends, conditional on breaking key levels. This draws traders' attention as they watch developments unfold.
