Solana $SOL has once again captured the spotlight, soaring more than 70% from the $100 support zone and breaking past the crucial $200 resistance level. With bullish technical indicators stacking up and investor sentiment rising, the question now is whether Solana can sustain this momentum and make a run toward $350.
Breakout Validates Bullish Setup
The recent surge in SOL's price has sparked renewed optimism, especially after the breakout from a prolonged accumulation phase between $115 and $190. The move beyond $200 has validated a classic cup-and-handle formation on the weekly chart, a pattern known to precede powerful upward trends.
According to crypto analyst Ali Martinez, this pattern points to a possible price target of $350. The “cup” represents a rounded consolidation phase, while the “handle” suggests a brief pullback before the next major move. A confirmed breakout above the $200 neckline of the pattern is a strong bullish indicator, and that’s exactly what has unfolded.
Futures Market Backs the Bulls
Supporting this technical picture is data from the futures market. Open interest in SOL futures has surged to $6.83 billion, signaling heightened activity and bullish confidence among leveraged traders. Notably, Binance traders are holding 69.74% long positions, reinforcing the view that the current rally is being fueled by growing speculative demand.
This leveraged optimism increases the likelihood of a rapid price expansion if bullish momentum is maintained.
Key Levels to Watch
Immediate Support: $185 A key retest level that must hold to avoid deeper corrections.
Short-Term Target: $250 Likely the next significant resistance once the $200 breakout is sustained.
Long-Term Target: $350 The projected move based on the depth of the cup-and-handle pattern.
However, should the price fall back below $200, a short-term pullback to $185 could materialize. A drop below that would threaten to push SOL down to test the $150 support region, where bulls would need to regroup.
Conclusion: Bullish Setup With Caution
Solana’s technical and on-chain data both suggest the possibility of an extended rally. The cup-and-handle breakout, combined with strong futures interest and positive sentiment, creates a favorable setup for a move toward $350. However, traders should remain cautious of short-term pullbacks and use key support levels as references to manage risk.
If the bulls can keep control, Solana’s breakout might just be the beginning of a much larger move.