Solana Price Prediction: Can SOL Break $175 and Ignite a Rally to $300 Soon

Solana (SOL) price witnessed a fresh version of bullish strength supported by the various chart pattern formations on different timeframes.

The existing framework indicated that SOL could be close to a possible breakout area. Analysts have identified critical support and resistance boundaries in the range between 125 and 175, which may determine SOL next movement.

On July 4, the Solana price was trading around $151 after rebounding with short-term gains following a recent low of $125.99.

Can Solana Price Trigger a Breakout From Cup Handle Setup

According to analyst Ali Martinez, Solana price has formed a large cup-and-handle pattern on the high-timeframe chart.

This structure spanned multiple months, beginning with a rounded bottom formed between late 2022 and mid-2023.

The right side of the cup developed gradually as buyers regained control. Martinez noted that the handle segment is nearing completion within a tight descending channel.

The neckline of this pattern lies in the $160 to $175 range. Solana is now consolidating just below this resistance.

If the SOL price closes above the neckline with volume confirmation, the setup may trigger the next leg of the uptrend.

Historical analogies presented in Martinez’s chart show that similar patterns have preceded strong rallies.

Additionally, Ali Martinez compared the current formation to a previous cup-and-handle breakout. In that instance, price action led to exponential gains.

He estimated that a confirmed breakout could send SOL toward the $260 to $300 region.

This would make a complete, gradual movement as per the depth of the cup. The structure of the pattern is symmetric and is in line with the bullish continuation phases.

Another important metric of validation is the SOL volume trend. The pattern would be confirmed by a strong move above the $175 zone with an increase in trading volume.

Until that time, the Solana price is at the decisive consolidation stage.

SOL Price Inverse Head & Shoulders and Double Bottom

Also, BitGuru said that on lower timeframes, Solana price is demonstrating two significant reversal bullish patterns.

There has been a double bottom formation around the level of $141.84, which initially provided strong support.

SOL price rebounded sharply from this zone, suggesting increased buying activity. The inverse head and shoulders pattern is now visible above this level, with a neckline just under $155.

The presence of these two reversal signals supported further upside, particularly if the neckline is broken. Solana price double bottom structure indicates that bears failed to push below $141.84 after two attempts.

The inverse head and shoulders pattern reinforced the idea of a local trend reversal.

BitGuru also highlighted the major low formed at $125.99. This zone marked the recent bottom after a broad market correction.

Solana price reacted strongly from this level and has continued to build an upward structure. The current rally faced resistance at $168.49, which served as a previous rejection level in early June.

More so, market structure has shifted since the low was formed. Solana price printed higher lows and attempted to stay above $150. The $148 to $151 range now acts as short-term support.

Holding this zone would strengthen the bullish outlook and increase the likelihood of Solana price testing $168.49 again.

Levels to Watch as Solana Price Consolidates

The $160 to $175 area remained the most critical resistance range for Solana price. Both the cup-and-handle and inverse head-and-shoulders patterns converge around this zone.

If bulls manage to push through this resistance with strong momentum, it may open the path for a Solana price rally to $260 or $300.

However, failure to close above $175 may lead to renewed selling pressure. A breakdown from the $148 support area could send SOL back toward $141.84 or even the $125.99 low.

The direction in the short term will be defined by SOL price action in this zone of consolidation.

In the meantime, Solana price has surged, adding 6% in the last 7 days and reaching the highest mark of $153.

This is further supported by increased 24-hour trading volume of $3,96 billion as buyers intensify interest before a possible breakout.

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