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06/09 14:13

Solana Set for Breakout: Bullish Cup and Handle Ap

Solana Set for Breakout: Bullish Cup and Handle Approaches $159 Target

Solana price is stuck in a strong support zone between $147 and $150, hinting at a bullish pattern in the making

Technicals hint at a potential breakout, while lackluster bullish behavior could hamper rally progress

Solana is one of the best-performing altcoins in recent memory that is feared to have entered a crucial technical phase as it consolidates above a key support level. After correcting from May highs around $176, SOL price appears to have found a strong demand zone between $147 and $150, a level that has served as a base for bullish reversals. On-chain activity remains healthy despite broader market consolidation, and technicals are highlighting an early sign of strength.

  With momentum regained and bulls defending key levels, was the stage set for a breakout to higher resistance zones? 

SOL price recently formed a double bottom pattern around $147, confirming strong buying interest at this level. These levels also coincide with the zone that has repeatedly absorbed the downward pressure. Therefore, as long as this base remains good, the short-term structure remains bullish. The question now becomes, will SOL price rise above $160 in June 2025?



Chart patterns and technicals suggest a bullish cup and handle formation in both the short and long term. Following a parabolic recovery, the token is set to confirm a cup and handle formation, with the neckline around $177-$181. Such formations often signal trend continuation and usually resolve in favor of the bulls when confirmed by rising volume.

  Meanwhile, momentum indicators point to a bullish thesis, as the RSI is triggering a bounce from the lower threshold and the MACD is set to make a bullish crossover with selling pressure subsiding.  Thus, Solana price is expected to maintain a consolidated uptrend and reach local highs above $165. Here, the token may experience some bearish action, which may not last long, as a strong rebound to the neckline may be imminent.

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