Solana (SOL) Price Prediction: Breakout from $100 Support Level Could Send Price to $350

Solana (SOL) price has captured significant market attention, surging over 70% from its $100 support level to test the crucial $185 resistance zone.

Key Insights:

* Solana (SOL) price has risen more than 70% from the $100 support level to test the crucial $185 resistance zone.

* Technical analysts have identified several indicators that could pave the way for a breakout and a rally from $200 to $350.

* Solana price has moved in a narrow range for a long time and a breakout from this range could see prices surge further.

Solana Price Accumulation Range and Key Resistance Zones:

Solana price broke out of the $100 support level last week and surged toward the $185 resistance zone, a level that has been hit three times now. This specific area is also a crucial resistance level, according to technical analysis.

A break above this zone is necessary for bulls to hit the $250 and $350 price levels.

After the breakout at $100, Solana price surged and hit $185, according to AltCrypto. This specific area mirrors previous levels of resistance indicated by past price actions. A break above this resistance is necessary for bulls looking to hit the $250 and $350 price levels.

The price has moved in a narrow range between $115 and $190 for an extended period. As noted by crypto analyst Four Crypto Spaces, this recent consolidation could lead to a breakout in the market.

Solana price is expected to face resistance at the $200 level, which could be catalytic to the price rallying as far as $350. The tweet revealed a projected movement of the altcoin following the break of the $200 mark, with expectations of further increase to the $350 price level.

Solana’s Cup-and-Handle Pattern Signals Bullish Outlook:

Crypto analyst Ali Martinez has identified a classic cup-and-handle pattern forming in Solana’s weekly price chart. This bands’ widening is one of the strongest bullish confirmation signals, usually suggesting a notable upside move. The curved shape of the cup indicates a period of retreat or consolidation, while the short handle argues for a continuation of the fall before reversal.

The critical level for confirming this pattern aligns near $200, which is crucial for Solana’s next major move. If this level is breached, the measured move from the cup’s depth suggests a potential target near $350, closely aligning with FOUR’s projection. The technical setup provides traders with the best way to approach the next major bullish trend.

Solana Futures Market and Bollish Trader Sentiment:

Positive sentiment continues to prevail in the Solana crypto market, driven by promising signals observed in the futures data. The latest figures from Coinglass indicate that the open interest for SOL futures has risen to $6.83 billion, highlighting heightened speculative trading activity.

Moreover, the substantial degree of hedging activity suggests that traders possess a clear view of the market’s direction. Furthermore, the positive funding rate indicates traders are prepared to pay a premium to maintain their long positions. This optimism among traders fuels anticipation of SOL reaching new all-time highs.

Data from Binance reveals that traders are 69.74% net long on the SOLUSDT pair, suggesting a majority belief among investors in further price increases. The high percentage of long positions implies that even minor price fluctuations could significantly impact the price if Solana manages to break above the $200 barrier.

Key Levels and Potential Price Targets:

A decisive move above the $200 level could propel Solana price toward $250 in the mid-term and potentially even $350 in the long term. This bullish pattern bodes well for a substantial upward shift in the cryptocurrency’s underlying market structure.

A sustained move toward $350 is supported by the formation of a clear cup-and-handle pattern, along with positive sentiment among traders. However, if the price fails to break above the $200 threshold and pivots lower, the leading cryptocurrency could experience a correction toward $185, where buyers will need to intervene to prevent further losses.

A breakthrough below this level could escalate the sell-off, setting the stage for a test of key support areas around $150. In the short term, however, a return to the $185 level seems more likely.

At the time of writing, SOL price is trading at $173, up 2% over the last 24 hours, and has a market cap of $89 billion. The fully diluted market cap is estimated at $103 billion with a circulating supply of 519 million SOL. Investors showed their enthusiasm with the 24-hour trading volume reaching $3.94 billion.