Where Will Solana Price Go After Breaking $200 Resistance?

Key Insights:

• Solana price targets $350 if it clears the $200 resistance from the cup-and-handle.
• SOL futures open interest hits $6.83B, indicating strong bullish sentiment.
• Binance traders hold 69.74% long positions, signaling a leverage-driven rally.

Solana (SOL) price has captured significant market attention, surging over 70% from its $100 support level to test the crucial $185 resistance zone. With technical analysts identifying several indicators pointing to a possible breakout, investors are looking at the possibility for price to rally from $200 to $350.

Solana Price Accumulation Range and Key Resistance Zones

Following the breakout at $100, Solana price surged over the next three days and hit $185, according to AltCrypto. This specific area mirrors previous levels of resistance indicated by past price actions. A break above this resistance is necessary for bulls looking to hit the $250 and $350 price levels.

The price has moved in a narrow range between $115 and $190 for an extended period. As noted by crypto analyst Four Crypto Spaces, this recent consolidation could lead to a breakout in the market.

Moving past the $200 resistance was likely to prove catalytic to the price rallying as far as $350. The tweet revealed a projected movement of the altcoin following the break of the $200 mark, with expectations of further increase to the $350 price level.

SOL Cup-and-Handle Pattern Signals Bullish Outlook

Furthermore, crypto analyst Ali Martinez identified a highly recognizable cup-and-handle pattern in Solana’s weekly price chart. This bands’ widening is one of the strongest bullish confirmation signals, usually suggesting a notable upside move. The curved shape of the cup indicates a period of retreat or consolidation, while the short handle argues for a continuation of the fall before reversal.

Notably, the critical level for confirming this pattern aligns near $200, making it a crucial threshold for Solana’s next major move. If this level is broken, the measured move from the cup’s depth suggests a potential target near $350, aligning closely with FOUR’s projection. The technical setup laid out exactly how traders can take advantage of the next major bullish trend.

Futures Market and Bullish Trader Sentiment

Bullish sentiment continues to dominate the Solana crypto market, fueled by positive signals visible in the futures data. The latest data from Coinglass showed that the open interest for SOL futures has reached $6.83 billion, representing a boost in speculative trading. This large degree of hedging activity suggests traders are confident in the direction of the market.

Furthermore, the positive funding rate signifies that traders are willing to pay to hold onto long positions. This suggests that traders are optimistic about SOL’s ability to make new all-time highs. 

Traders on Binance are 69.74% net long on the SOLUSDT pair, suggesting that the majority of investors foresee prices rising. The high percentage of long positions implies that small fluctuations could substantially influence the price if Solana manages to surpass the $200 barrier.

Key Levels and Potential Price Targets

A break above $200 could bring Solana price to $250, and up to $350 over the long term. This bullish pattern supports a decisive upward shift in the underlying market structure. A move to $350 is supported by the emergence of a clear cup-and-handle pattern and positive sentiment among traders.

However, if the price remains below the $200 threshold, the leading cryptocurrency could see a correction back to $185, where buyers will have to step in to avoid further losses. A fall below this level would increase the likelihood of a further sell-off that could soon test key support areas around $150.

At the time of writing, SOL price is trading at $173, a gain of 2% over the last 24 hours, and has a market cap of $89 billion. The fully diluted market cap is estimated at $103 billion with a circulating supply of 519 million SOL. Investors showed their enthusiasm with the 24-hour trading volume reaching $3.94 billion.

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