🔍 Technical Analysis
Bull Flag Formation: SOL is exhibiting a bull flag pattern, suggesting potential for a breakout. A decisive move above the $152 resistance level could propel the price toward $174.
Cup-and-Handle Pattern: On the weekly chart, a cup-and-handle formation is emerging, indicating a possible long-term bullish trend with targets approaching $180.
Support and Resistance Levels:
Immediate Resistance: $152
Major Resistance Targets: $160 – $174
Critical Support: $145
Bearish Breakdown Risk Zone: Below $137
📊 Market Sentiment
Investor sentiment remains cautiously optimistic. The Net Unrealized Profit/Loss (NUPL) indicator places SOL in the "Hope" zone, signaling potential for price appreciation as it approaches the "Optimism" zone.
Additionally, hot capital inflows into Solana have surged to $9.46 billion, marking the largest 7-day increase since January 2025, according to Glassnode.
⚠️ Key Considerations
Despite the bullish indicators, traders should remain vigilant. Upcoming events, such as FTX's $800 million repayment scheduled for May 30, could introduce volatility and potential downward pressure on SOL's price.
📅 Price Forecast
Short-Term: Analysts project a short-term range for SOL between $150 and $174, contingent on a successful breakout above the $152 resistance level.
Long-Term: If bullish momentum sustains and favorable market conditions persist, long-term forecasts suggest a potential rise to $300.
