The post Solana Poised for a Breakout: Bullish Cup-And-Handle Nears $159 Target appeared first on Coinpedia Fintech News
Solana is one of the top-performing altcoins in recent times, which is feared to have entered a crucial technical phase as it consolidates above a key support level. After correcting from its May highs near $176, the SOL price seems to have found a strong demand zone between $147 and $150, a level that has been acting as a base for bullish reversals. The on-chain activity remains healthy despite the broader market consolidation, and the technicals flash an early sign of strength.
With momentum rebuilding and bulls defending key levels, has the stage been set for a breakout towards higher resistance zones?
The SOL price recently formed a double-bottom pattern near $147, confirming strong buyer interest at this level. These levels also align with the zone that has repeatedly absorbed downside pressure. Hence, as long as this base holds good, the short-term structure remains bullish. Now the question arises, will the SOL price rise above $160 in June 2025?
The chart patterns and the technicals suggest the formation of a bullish cup & handle pattern, both in the short term and long term. After a parabolic recovery, the token is about to validate the formation of a cup & handle pattern, with the neckline being around $177 to $181. Such formations often signal a trend continuation and typically resolve in favour of bulls when confirmed with rising volume.
Meanwhile, the momentum indicators point towards a bullish thesis as the RSI triggers a rebound from the lower threshold and the MACD is about to undergo a bullish crossover with a drop in the selling pressure. Therefore, the Solana price is expected to maintain a consolidated ascending trend and reach the local highs above $165. Here, the token may experience some bearish action, which could be for a short time, as a strong rebound to the neckline could be imminent.