Solana holds above $140 support with a falling wedge pattern hinting at a potential breakout.
A move above $160 could open the path to $220–$250 as bullish momentum builds.
ETF approval chances at 80% may boost SOL price with a projected 40%–50% monthly gain.
Solana (SOL) is currently trading at $147.03, showing signs of recovery after recent market-driven pullbacks. The correction appears to be nearing its end, with analysts pointing to strong support and bullish continuation patterns. SOL's next move could mark the start of another upward wave, with projected targets at $220–$250.
Technical Structure Suggests Breakout Ahead
Solana has traded within the $145–$180 range since May and recently pulled back to the $140 area following a failed retest of the $168 level. The current setup includes a one-month falling wedge pattern, often seen before bullish breakouts. The wedge’s upper boundary lies between $155 and $160.
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Analysts noted that after Solana broke above its descending resistance in March, it retested the $100–$120 demand zone before pushing into its current range. A breakout from the current wedge could send SOL to retest the $187 resistance and potentially move toward the $240 level.
Trader Rose observed that SOL remains above the $145 zone and the 50-day moving average. “If confirmed, the price could rise toward targets at $165, $183, and $220,” they said in a recent post.
Market Positioning and Support Levels Remain Strong
Solana’s market cap rose 1.57% to $77.63 billion, with 24-hour trading volume decreasing by 20.77% to $2.61 billion. The volume-to-market cap ratio stands at 3.35%, showing moderate liquidity. According to Cipher X, “SOL is at a very crucial support level right now. If the $138–$140 level holds, SOL could rally toward $190–$200 by July.”
Cipher X also mentioned that Solana ETF approval chances are “80% by July” and that “SOL could pull a 40%–50% monthly candle.” If support holds, analysts expect one more upward move this cycle, with a target between $220 and $250.
The post Solana Holds Key Support at $140 as Analysts Target $220–$250 in Next Breakout Wave appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
