Solana breaks $149 resistance after Cup & Handle breakout, targeting $168–$174 if support holds.
Technical indicators confirm a bullish trend, with MACD crossover and RSI rising above 50.
Solana ETF approval appears near, potentially opening the door to institutional inflows in July.
Solana (SOL) appears to be setting up for a large move after breaking out of a clean Cup & Handle formation on the 4-hour chart. The price has flipped resistance at around $149 and is currently holding above $151. If this level holds, analysts suggest a potential move toward $168 to $174.
Technical Breakout Supports Bullish Momentum
Solana has broken out of a 30-day downtrend and flipped resistance at $149 into support, that is according to an observation by a crypto analyst Henry. This comes with confirmation from technical indicators such as the MACD, which shows a bullish crossover, and RSI crossing above 50 on the daily chart.
https://twitter.com/LordOfAlts/status/1939379927872053684
Bluntz Capital also confirmed the breakout of a multi-week descending trendline on the 8-hour chart. The move was supported by decent volume, suggesting that buyers are stepping back in. Price action is now holding above the 50-day Exponential Moving Average at $151.48. If bullish pressure continues, next resistance levels are placed at $160 and $172.
Meanwhile, Solana’s price has also broken out from a symmetrical triangle structure that had been forming since May 24. The resistance and support trendlines converged near $153, which now acts as a breakout zone. If price continues upward, liquidity above $165 may be targeted.
Solana ETF Approval Signals Possible Institutional Entry
ETF speculation has added momentum to the bullish narrative. According to Mike Zillionaire via X, a leaked email shows that the SEC has “no further comments” on the REX Shares Solana ETF application. In regulatory terms, this typically indicates that approval may be close.
Eric Balchunas, Bloomberg ETF analyst, posted that REX has filed a final letter to the SEC, suggesting all previous comments were addressed. “So they are good to launch, it looks like. Wow,” Balchunas added.
The ETF includes staking, which may attract institutional capital, mirroring earlier flows into Bitcoin and Ethereum ETFs. This regulatory development, combined with bullish technicals, puts Solana in a favorable position heading into July 2025.
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