Solana Targets 57% Gain as Support Holds at $140

Solana has been maintaining a key support level at $140, with analysts predicting a significant breakout wave in the near future. The target for this next wave is projected to be between $220 and $250, indicating a potential surge in the value of Solana. This stability at the $140 support level is seen as a critical juncture for the blockchain platform, with analysts suggesting that a confirmed breakout above this level could set the stage for Solana's next major run.

Analysts are cautiously optimistic about Solana's prospects, citing the platform's strong fundamentals and growing adoption in the cryptocurrency ecosystem. The forecast of a breakout to $220-$250 is based on historical price movements and current market dynamics, which suggest that Solana is poised for another wave of growth. However, analysts also note that market volatility and other external factors could influence the price movement, advising investors to monitor the market closely and consider the risks involved before making any investment decisions.

Solana's current trading price is $147.03, showing signs of recovery after recent market-driven pullbacks. The correction appears to be nearing its end, with analysts pointing to strong support and bullish continuation patterns. SOL’s next move could mark the start of another upward wave, with projected targets at $220–$250. The technical structure of Solana's price movement suggests a potential breakout ahead. The platform has traded within the $145–$180 range since May and recently pulled back to the $140 area following a failed retest of the $168 level. The current setup includes a one-month falling wedge pattern, often seen before bullish breakouts. The wedge’s upper boundary lies between $155 and $160.

Analysts noted that after Solana broke above its descending resistance in March, it retested the $100–$120 demand zone before pushing into its current range. A breakout from the current wedge could send SOL to retest the $187 resistance and potentially move toward the $240 level. Trader Rose observed that SOL remains above the $145 zone and the 50-day moving average. “If confirmed, the price could rise toward targets at $165, $183, and $220,” they said in a recent post.

Solana’s market cap rose, with 24-hour trading volume decreasing. The volume-to-market cap ratio stands at 3.35%, showing moderate liquidity. According to Cipher X, “SOL is at a very crucial support level right now. If the $138–$140 level holds, SOL could rally toward $190–$200 by July.” Cipher X also mentioned that Solana ETF approval chances are “80% by July” and that “SOL could pull a 40%–50% monthly candle.” If support holds, analysts expect one more upward move this cycle, with a target between $220 and $250.