Solana Price Breaks Key Resistance Targeting 100% Gain

Solana's price has recently broken through key resistance levels, forming a cup-and-handle pattern that targets the $280–$300 range. This technical breakout is supported by several analysts who anticipate a significant rally driven by both technical structures and increasing on-chain demand.

As of the latest data, Solana's price is trading near $151, indicating a potential upward trajectory towards the targeted range. The breakout from a long-term descending trendline, confirmed at the $150 level, marks a major technical transition. Analyst Alek Carter described this setup as one of the best charts he has ever seen, predicting a measured move to $280 or even $300. This prediction is based on classical chart theory, where the cup height determines the potential rally extension.

Additionally, the bullish flag pattern noted by analyst Batman further reinforces the uptrend. According to Batman's analysis, Solana's price bottomed at the 0.618 Fibonacci level around $130 before reversing upward. This area is considered a high-probability bounce point in technical analysis. The SOL price pattern broke out powerfully from a descending channel-like bull flag, closing above this channel and forming higher lows. A retest of the fair value gap near $145 could set the stage for the next impulsive move, indicating a progressive uptrend rather than a corrective one.

On-chain data also supports the bullish outlook. On June 28, the number of wallets holding more than 0.1 SOL reached an all-time high of 11.44 million, signaling record network adoption. This increase in smallholders indicates growing retail adoption and organic interest in the Solana network. The growth trend has persisted even during market drawdowns, reflecting long-term trust among users. At the time of this milestone, SOL's price stood at $149, showing a high correlation with wallet growth.

Furthermore, a significant transaction involving 7,980 SOL, or approximately 1.24 million dollars, was used to purchase 1.08 million Fartcoin tokens. This large trade within the Solana community indicates increasing optimism among investors. The fact that whales are committing capital during this breakout phase suggests that advanced traders anticipate further price extensions rather than corrections.

Top analyst Gerla's analysis aligns with the recent Solana price action, highlighting $157 as a key pivot zone. After reclaiming this level, the next major resistance area is at $183, a region that has historically resisted upside efforts in past cycles. The immediate support price area is $144.16, ensuring that the June lows remain grounded. The trend supports continuation, with SOL's price structure plotting higher lows around the $126-130 support region. If bulls defend the $151 breakout on any short-term retest, momentum could carry Solana's price toward the February high at $294.