Solana (SOL) Price: Will Cup-and-Handle Pattern Drive Push to $180?

TLDR

Solana is currently trading around $148, defending critical $145 support level Network recently surpassed 400 billion total transactions milestone DEX volume surged 44% to $21 billion in the past week Technical patterns show conflicting signals: bearish head-and-shoulders vs bullish cup-and-handle Price could target $180 if support holds, but risks falling to $137 if $145 breaks

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Solana defends the $145 support level while celebrating a major network milestone. The cryptocurrency is demonstrating mixed signals that have traders closely watching its next move, which could determine whether SOL heads toward $180 or falls back to lower support levels.

The price has been fluctuating near the psychological $145 mark as it struggles to maintain bullish momentum. After recovering from lows near $95, SOL reached a high of $157 but has since had difficulty sustaining levels above $150.

This has led to a consolidation phase with SOL trading between key support at $145 and resistance at $155.

Solana (SOL) Price

Currently hovering around $148, the price shows some minor buying interest, but caution remains as bears continue to apply pressure.

The 4-hour chart shows a minor lower wick on the latest candle, potentially indicating a bullish reversal. Support from the 50 Exponential Moving Average (EMA) could help the price hold above $145 in the short term.

However, concerns persist about a potential breakdown below this critical support level, which could trigger a dip to $137, another key support area.

Technical Patterns Show Mixed Signals

The consolidation zone between $145 and $155 has formed a bearish head-and-shoulders pattern. This classic technical formation suggests a potential reversal of the current uptrend if the neckline at $145 breaks.

If this occurs, SOL could face downward pressure, pushing the price to lower levels like $137 or even $124.

Despite these short-term bearish signals, there’s optimism for Solana’s longer-term outlook. On the weekly chart, SOL appears to be forming a cup-and-handle pattern, which is often seen as a bullish continuation pattern.

The neckline of this formation is near $300, suggesting that a successful breakout could lead to a strong bullish rally, potentially surpassing previous all-time highs.

The ongoing formation of the handle suggests SOL might be in the final stages of completing this pattern, with a breakout looking increasingly likely.

Network Activity Reaches New Heights

While price action remains uncertain, Solana’s network metrics continue to impress. The blockchain recently surpassed 400 billion total transactions, marking a major milestone for the network.

On-chain activity remains strong, with decentralized exchange (DEX) volume surging to $21 billion over the last seven days—a 44% increase that keeps Solana firmly at the top of the DEX volume leaderboard.

Since hitting lows of $9.98in January 2023, SOL has delivered a remarkable 1412% rally, standing out as one of the market’s top performers during this cycle.

The Solana ecosystem has also seen tremendous growth over the past year. Projects like Pump have generated over $75 million in fees in the past month, while established protocols like Raydium, Meteora, Jupiter, and Jito continue to generate millions in monthly revenue.

Momentum indicators show that SOL’s relative strength index (RSI) has cooled significantly, dropping to 50.61 after hitting 70.52 just four days ago. This sharp decline mirrors the slowdown in price momentum after the rally above $150.

The RSI hovering around 50 typically reflects a neutral stance where buying and selling forces are more balanced, suggesting the market is at a key crossroads for SOL.

The market is now watching for key price action around the $145 support level. As long as SOL maintains above this threshold, bulls may aim for higher targets. A breakout above $155 could pave the way for a rally toward $165, with a possible extension to $180.

SOL is currently trading near $148 as traders await its next decisive move.

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