Solana Breaks $149 Resistance, Eyes $168-$174 Target

Solana (SOL) has recently demonstrated significant strength in its price movements, breaking through the $149 resistance level after forming a Cup & Handle pattern on the 4-hour chart. This technical formation is often seen as a bullish indicator, suggesting that the cryptocurrency is poised for further gains. The price has since held above $151, indicating that the resistance level has flipped into support.

Technical indicators further support this bullish momentum. The Moving Average Convergence Divergence (MACD) shows a bullish crossover, while the Relative Strength Index (RSI) has risen above 50 on the daily chart. These indicators suggest that the buying pressure is increasing, and the trend is likely to continue upward.

Analysts have identified several potential targets for Solana's next move. If the current support level holds, the price could rally toward the $168 to $174 zone. This target aligns with previous resistance levels and bullish extension targets. However, analysts also warn of increasing volatility, which could pose risks to high-leverage positions.

Another factor contributing to the bullish narrative is the potential approval of a Solana ETF. According to a leaked email, the SEC has indicated that it has "no further comments" on the REX Shares Solana ETF application, suggesting that approval may be imminent. This regulatory development could open the door to institutional inflows, mirroring earlier flows into Bitcoin and Ethereum ETFs. The inclusion of staking in the ETF may also attract institutional capital, further boosting Solana's price.

In addition to the Cup & Handle pattern, Solana has also broken out of a symmetrical triangle structure that had been forming since May 24. The resistance and support trendlines converged near $153, which now acts as a breakout zone. If the price continues upward, liquidity above $165 may be targeted.

Solana's price action is also supported by a bullish flag pattern on its daily chart, characterized by lower highs and higher lows within a narrowing range. The price has been holding steady above the midline of the flag, indicating underlying strength. However, it is also testing the daily 100 moving average, which acts as a dynamic resistance. The reaction to this level will be crucial in determining whether the bullish flag leads to a decisive breakout or a deeper consolidation.

Furthermore, Solana is setting up a clean wedge on the weekly chart, currently trading at $150. The asset has been consistently bouncing between support and resistance levels, which is known for building pressure before delivering sharp moves. If this plays out as expected, the next leg up could be significant, with $300 being a realistic target based on the structure and behavior of the asset.

Solana has also broken above the downtrend line on the 4-hour chart, marking a pivotal shift in short-term momentum. If SOL maintains its position above this trend line, the price could climb toward the next resistance area at $165. The price action is forming a bullish structure, and momentum indicators may soon align with the breakout, further supporting the continuation of the upside. The asset is now trading firmly within a long-term bullish channel, a structure that has supported uptrends. The price action looks clean, with higher highs and higher lows forming as SOL surges upward.

Analysts have also noted that momentum is picking up, and as long as the channel remains intact, the path forward could be explosive. If the structure holds and attracts volume, analysts project a target of $700+ in the next run, pointing to the upper boundary of the bullish channel as a magnet for price.