Solana News Today: Solana Analysts Predict $900 Target After Cup and Handle Pattern Confirmation

Solana’s recent price pullback has not dampened optimism among key analysts, as bullish forecasts suggest the token could climb toward $900 in the coming months after consolidating near the $140–$150 range [1]. The market reaction to the $156 support level has reinforced the relevance of technical patterns, with the confirmed cup and handle formation adding weight to a near-term rebound [1]. On-chain metrics also show robust network activity, with monthly transactions hitting a 5-year high of 3.5 billion in July [1], reflecting sustained user engagement and growing interest in Solana-based projects.

Ted Pillows, a well-known analyst with over 190,000 followers on X, has highlighted the likelihood of a further dip before a reversal, emphasizing that the current oversold conditions and trend-line support make for favorable setup for a short-term rally [1]. The Relative Strength Index (RSI) is currently near oversold levels, supporting a bullish outlook in the near term. Analysts also point to the approval of an ETF for Pudgy Penguins by Canary Capital as a catalyst for broader market enthusiasm across Solana-based meme coins [1]. Similarly, the launch of a staking-enabled Solana ETF by REX-Osprey signals potential for increased institutional adoption and a subsequent price push [1].

Despite the short-term volatility, the long-term narrative remains strong. With a growing number of institutional products entering the space and continued on-chain growth, the foundation for higher prices is intact [1]. The RSI’s position below the mid-line, combined with a bounce off a key trend line, indicates technical strength, suggesting that Solana could stage a significant recovery after the pullback [1]. If additional ETFs gain approval, the token may see renewed momentum toward a new all-time high, with $900 seen as a potential target by year-end.

While the price trajectory could face some turbulence, the market fundamentals suggest that the correction is likely to be temporary, with on-chain data and growing institutional interest providing a solid backdrop for a potential breakout [1].

Source: [1] Solana Price Prediction: Cup and Handle Pattern Confirmed – Final Dip Before $900 Target (https://cryptonews.com/news/solana-price-prediction-cup-and-handle-pattern-confirmed-final-dip-before-900-target/)