Solana News Today: Solana Breaks Cup and Handle Pattern With 11.15% Daily Gain

Solana’s recent price action has drawn attention from technical analysts, with the asset breaking out of a well-defined “cup and handle” formation, suggesting the potential for a significant rally toward $1,315. The pattern, which was completed after a prolonged consolidation phase, indicates strong bullish momentum. The breakout occurred near the $136 level, which previously acted as resistance, and the price has since risen to $179.97, reflecting an 11.15% daily gain [1].

Key support levels have been identified at $136 and $74, with the former being a crucial retest area and the latter aligned with the 0.618 Fibonacci retracement. These levels are expected to play a pivotal role in maintaining upward momentum. Resistance levels are currently at $184 and $295, with the latter serving as a near-term target for further consolidation or a breakout. Analysts have noted that surpassing $295 could open the door to higher projections, including $787.43 and $1,314.41, as the measured move from the breakout aligns with the 1.0 Fibonacci extension [1].

Technical indicators also support the bullish case for Solana. The asset is currently trading above all major moving averages, including the 7-day SMA at $173.59 and the 200-day SMA at $159.78. The RSI is at 57.12, indicating that there is still room for further gains without entering overbought territory. These factors, combined with on-chain data showing a $15.18 million inflow to exchanges on August 9, suggest that market conditions remain favorable for continuation of the uptrend [1].

Looking ahead, analysts project that if the current trend sustains, Solana could reach $1,200 by Q4 2025. A move beyond $184, the immediate resistance level, would be a critical test of the market’s ability to hold above key support at $174. A successful breakout could trigger a wave of buying activity and reinforce the long-term bullish narrative for the asset.

While the potential rally toward $1,315 presents an attractive scenario, traders are advised to monitor the broader market environment and institutional activity. The ability of Solana to maintain its position above the 50-SMA and within an ascending channel on the weekly logarithmic chart is seen as a positive sign for its continued upward trajectory. Kamran Asghar has noted that Solana is a cryptocurrency capable of sustaining long-term portfolio growth during bullish phases [1].

Overall, the technical setup for Solana remains robust, with both pattern-based and indicator-based analyses pointing toward continued strength. However, as with any speculative asset, investors are encouraged to practice disciplined risk management, particularly as the price approaches key resistance levels.

Source:

[1] Solana Price Prediction: Will SOL’s 11.9% Weekly Momentum Carry It Towards All-Time Highs?

https://cryptonews.com/news/solana-price-prediction-will-sols-11-9-weekly-momentum-carry-it-towards-all-time-highs/