The current market sentiment around Solana is cautiously optimistic as altcoin season gains momentum. SOL has shown strong performance, forming a bull flag pattern after rallying from $131 on June 23 to a recent high of $206. While a brief pullback created a falling channel, this could simply be a cooling-off period before another potential upward move.
If $SOL breaks above $200 and successfully retests it as support, the measured move from the bull flag suggests a possible target of $305. However, a drop below $175 would invalidate the bullish structure, signaling profit-taking by early buyers.
The high Chaikin Money Flow indicates strong buying pressure, which could support further gains. While the short-term outlook leans bullish, market dynamics could shift if key support levels fail. For now, SOL trajectory depends on holding above critical levels and sustaining buyer interest.
