Solana News Today: Solana Breaks $235 Resistance as Cup and Handle Points to 500% Rally Potential

Solana’s price action has recently formed a classic cup and handle pattern on the monthly chart, signaling strong potential for an upward breakout. The formation, which spans from the 2021 highs through the 2022–2024 bear phase, has now begun to show bullish momentum as the price recently broke above the $235–$250 resistance zone [1]. This technical validation suggests that the asset may be entering a multi-phase bullish cycle.

Currently trading at $161.24, Solana has seen a minor pullback, and analysts are watching for a retest of the $140–$150 range, which is expected to form the “handle” of the pattern [1]. This level is considered a key reversal zone, as it aligns with previous support and is reinforced by ongoing on-chain activity. The network remains highly active, with developers and users continuing to operate despite recent price declines [1]. The structural strength of this zone could serve as a catalyst for renewed bullish movement.

Crypto market watchers, referencing the shared analysis by @TedPillows, suggest that a pullback into the $140–$150 range could offer a re-entry opportunity for bullish traders [1]. Once this consolidation completes, a breakout beyond the resistance level could trigger a sharp upward move. Based on the measured move associated with cup and handle patterns, the price could potentially surge toward $900–$1,000 [1]. This projection would represent a significant move from the current price level and aligns with the long-term bullish outlook for the asset.

The technical setup remains favorable for further upside, particularly if Solana sustains above the $235 breakout zone. As long as buyer demand remains strong, the macro structure supports continued upward momentum into 2025 [1]. With volume and price structure aligning, Solana may be poised for its next major upward cycle.

Source: [1] Solana Forms Cup and Handle as $150 Dip Could Precede $900 Breakout (https://coinmarketcap.com/community/articles/68900730c2ab4f6a22e6a81c/)