Solana has been a standout performer in recent weeks, and its price is poised for a potential breakout after displaying signs of strength near its key support level. Following corrections from its May highs around $176, the SOL price appears to be consolidating between $147 and $150 – an area that has consistently acted as a base for bullish reversals. The on-chain activity remains positive despite the broader market’s consolidation, and the technical indicators show early signs of potential strength. 🧐 🧠 📈 💨 ⛰️ 🍾 🍻 🥃 💪 🥊 💪 🌎 🌍 ☀️. 💰 🤑 💵 📈 ⬆️
Momentum is rebuilding, bulls are defending key levels. Is the stage set for a breakout to higher resistance zones? 🤔
Recent chart patterns, notably a double-bottom pattern near $147, confirm strong buyer interest at this level. The price also aligns with zones that have consistently absorbed downside pressure, making this area even more crucial in the short term. As long as this base holds firm, the short-term structure looks bullish. Now, the question is: will Solana breach the $160 mark by June 2025?
Technical analysis suggests a potential breakout based on a bullish cup and handle pattern both in the short and long term. After a parabolic recovery, the token is poised to validate this pattern with the neckline near $177 to $181. These formations often signal an extended trend, typically favoring bulls upon confirmation with rising volume.
Momentum indicators, including the RSI triggering a rebound from its lower threshold and the MACD possibly crossing bullishly as selling pressure declines, further point towards a bullish outlook. This suggests Solana will maintain a consolidated ascending trend and likely reach above $165. In case of short-term pullback, a robust rebound to the neckline could follow.