#Solana faces a crucial test at the $145 support level, while a bullish weekly chart fuels hopes for a breakout beyond $300.
Solana is struggling to stay above the $130 psychological level as the broader market remains quiet. Following a bullish recovery, a sudden drop in buying momentum has led to consolidation.
However, the gradual rise in bearish pressure raises concerns about a potential breakdown below the $145 level. Could this trigger a quick pullback to $137?
Solana Price Analysis
On the 4-hour chart, Solana’s recovery rally saw a bounce from the $95 low to a swing high at $157. However, the bulls’ struggle to sustain levels above the $150 psychological barrier has led to sideways movement.
Currently, SOL is fluctuating between the lower boundary at $145 and the upper resistance at $155. It trades around $148, with a minor lower wick on the latest 4-hour candle indicating some buying interest.
While this slight recovery hints at a potential bullish reversal, the 50 EMA on the 4-hour chart now serves as dynamic support. However, a recent breakdown of a local ascending trendline raises the risk of a steeper correction.
Additionally, the consolidation zone between $145 and $155 has completed a bearish head-and-shoulders pattern, with the neckline aligning with the $145 support level.
Optimistic Analyst Eyes Solana Breaking Out of a Cup and Handle Pattern
Despite short-term bearish signals, crypto analyst Ali Martinez anticipates a major recovery for Solana on the weekly chart. According to him, SOL is forming a cup-and-handle pattern.
The neckline of this formation is near the $300 level. Currently, Solana is progressing positively within the “handle” portion, approaching the overhead trendline. If a breakout occurs, Solana could see a strong bullish move, potentially reaching a new all-time high.
SOL Price Targets
Based on this analysis, as long as Solana holds above $145, bulls will likely aim for new higher highs. A breakout above $155 could set the stage for a rally toward $165 and then $180...
