Solana shows renewed strength as it holds above key support, with analysts eyeing a breakout toward the $220–$250 target zone.
SOL’s rebound from February lows to May highs signals a strong recovery phase backed by volume and bullish ABC wave patterns.
ETF approval optimism and growing institutional interest could fuel a sharp Solana rally, with upside targets near $250 by July.
Solana (SOL) is showing signs of renewed momentum after months of correction and price consolidation. As of now, SOL trades at $146.98, slightly down by 0.04%. Despite the dip, bullish sentiment is growing. Analysts expect a potential rally if key support levels hold. CryptoBullet sees the correction nearing completion, projecting a strong recovery with a target between $220 and $250. Cipher X also supports this outlook, pointing to ETF-related catalysts that could drive prices higher by July.
Correction Phase and Technical Recovery
The correction began after SOL peaked near $260 in December 2024. Prices then sharply dropped, bottoming out at $90 by February. This decline erased most of the gains from the 180% rally that started in September. However, since February, SOL has recovered strongly. It bounced off the $90 low, climbing back to $185 in May. This bounce formed a rounded bottom pattern, suggesting a healthy recovery phase.
Source: CryptoBullet
Moreover, the ABC wave structure offers clear insight into the current cycle. Point A is $260 high, Point B sits at the $90 low, and Point C is projected near $220. These levels align closely with Fibonacci retracement zones. At the moment, price consolidates between the 0.618 level at $130 and 0.5 level at $146.98. Significantly, the 0.786 level at $115 remains a key support in case of downside.
Support Levels, Institutional Activity, and ETF Hopes
Currently, SOL trades near a crucial support zone between $138 and $140. Cipher X believes holding this zone could trigger a rally towards $190–$200. Otherwise, traders may find entry opportunities near $130. Institutional interest is also building within the $125–$185 trading range. Volume patterns confirm this, with increased activity during both decline and recovery phases.
Source: Cipher X
Besides technicals, a major driver could be Solana ETF approval. Cipher X estimates an 80% chance of approval by July. Hence, traders anticipate a potential 40–50% monthly candle if ETF news materializes. Consequently, price targets of $216–$250 appear realistic under such bullish conditions. Moreover, the yellow projection arc shows a climb toward the 0.618 Fibonacci extension.
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