Key Takeaways
- A monthly cup and handle pattern is developing on SOL’s chart following its recovery from 2022 bear market lows
- Price action has remained confined within the $78–$98 range since February, with $88 serving as the central pivot
- Technical analyst Ali Charts projects potential moves to $107 and $117 if SOL achieves a daily close above $98
- SOL successfully escaped a prolonged descending channel and is now stabilizing in the $92–$95 zone
- Critical support zones include $92, $89, and $78 — a breakdown below $78 could invalidate the bullish setup
Solana continues to maintain crucial support levels as a significant monthly cup and handle formation takes shape. The technical outlook remains favorable, though validation hinges on SOL’s ability to preserve support zones and pierce through the $98 barrier.
Throughout February and the months that followed, SOL has operated within a defined trading corridor featuring support at $78 and resistance at $98. Technical analyst Ali Charts highlighted these critical boundaries, with $88 functioning as the current midpoint reference.
Recently, SOL attempted to challenge the $98 resistance level but faced swift rejection. Ali Charts observed that the price has since rebounded, indicating that another attempt at breaking through the $98 ceiling may be in development.
According to Ali Charts, securing a daily close above the $98 threshold would likely propel SOL toward an initial target of $107, followed by a secondary objective at $117. Should $98 continue functioning as resistance, the alternative scenario involves a retreat to $88 or potentially a complete retracement to the $78 support base.
Large-Scale Cup and Handle Formation Developing
Examining the monthly timeframe, analyst Bitcoinsensus has spotted a substantial cup and handle pattern forming. SOL descended from its 2021 peak, established a bottom throughout 2022 and 2023, then climbed back toward previous resistance territory.
The handle component is currently materializing as a sideways consolidation period. SOL is positioned near the handle’s lower boundary, establishing this trendline as a crucial area for bullish participants to maintain.
This pattern awaits confirmation. SOL must surge above the handle’s upper trendline and penetrate the broader resistance zone near 2021 highs before this technical setup becomes validated.
Long-Term Descending Channel Breach
Analyst CryptoXLARG highlighted that SOL has successfully escaped from a lengthy descending channel pattern. The asset is currently consolidating within the $92–$95 territory as it establishes a foundation for a potential trend reversal.
A convincing advance beyond $95 would activate upside targets at $102.70, $106.50, and $118.26. Under robust bullish conditions, CryptoXLARG envisions macro-level targets reaching as high as $143 and $163 as feasible extensions.
Analyst Bitcoin Meraklısı pointed out that SOL reached its initial upside objective following an approximate 10% breakout rally before encountering selling pressure. A pullback toward $92 remains consistent with a healthy technical structure.
The $92 level represents the immediate support foundation. Beneath that, $89 and $78 emerge as subsequent support zones. A breach below $78 would compromise the current bullish framework.
Analyst Moe observed that SOL has climbed back above a long-term descending trendline originating from the 2021 peak, suggesting the broader downtrend structure has deteriorated. SOL remains positioned above this reclaimed broken trendline.
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