- Solana price has formed a cup-and-handle breakout above $188.50, confirming a bullish pattern.
- Solana Price targets $300, indicating a 59% gain from the breakout zone.
- Increased volume and higher lows since June signal strong buyer momentum.
Solana price has pushed through a significant resistance area to confirm a classic cup-and-handle breakout. This is backed with high volume and bullish momentum, which has caused analysts to speculate that the cryptocurrency might rally 59% to a potential of $300. The price action of Solana is showing a potential possible up trend as it moves higher with the build-up of buying pressure and reduced supply.
Solana Price Action Signals a Bullish Breakout Toward $300 Target
Solana price has broken out of a cup-and-handle pattern, pushing past the neckline at $188.50. This move confirms a bullish technical setup that could lead to a 59% price increase, placing the next major target around $300.
Since June, the asset has been making higher lows, which represents a consistent increase in buying pressure. It has appeared with a decline in supply of SOL in exchanges, which can usually alleviate selling pressure and encourage positive price action.
The volume involved has also grown in the breakout implying that the trend is supported by actual demand. Minor corrections have revealed that buyers are fast taking grounds to cover gains.
The moving averages on the daily chart are pointing upward, and momentum indicators are still in positive territory. These technical signals suggest that the current trend has room to continue unless key support levels are broken.
Source: TradingView
The solana price has already regained some key resistance areas, the most notable being the resistance zone of the range of $180 to $185, currently functioning like a support area. In case this level holds, the resistance will be at the vicinity of $220.97, and then $262.07.
There is the potential that these areas bring a bit of short term consolidation but the overall trend is up. As long as the breakout is in effect and the wider market structure remains, the path to the Solana price at the level of $300 is technically supported, with the caveat that traders monitor pullbacks to support the new levels.
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