- Solana forms a bullish pennant near $150, setting up for a breakout to $185 and a possible rally to $250 if momentum continues.
- SOL’s trading history from $50 to $280 shows strong institutional accumulation between $100–$150, defining the current price foundation.
- Despite recent volatility, Solana holds above key moving averages with rising volume trends supporting sustained bullish market structure.
As per analyst World Of Charts, after some consolidation near the $150 level, Solana is setting up for a major upside move. The digital asset trades today at $152.97, down 2.43% in the past 24 hours. Despite this short-term retracement, the technical formations pave a bullish path to breakout. A tight bullish pennant is forming as the market consolidates before its move to the $185 resistance zone. If SOL closes above this resistance on the daily timeframe, it is expected to make a push to $250 in the next sessions.
Sharp Price Swings Shape the Long-Term Outlook
From November 2024, Solana experienced price fluctuations. It began trading around $50 and quickly advanced amid bullish momentum. December’s rally pushed prices into the $100 to $150 range. January extended the bullish trend, with SOL peaking near $200. However, February triggered a reversal. Selling pressure surged, and prices collapsed, breaching key support levels.
Source: World Of Charts
March followed with further weakness, with the token dipping toward the $80–$90 zone. Buyers reappeared in April, stabilizing the asset near the critical $100 level. Accumulation zones formed between $100 and $150, reflecting heightened institutional interest.
Rally, Rejection, and Retest Define Mid-2025 Structure
In May, SOL moved sideways with heightened volatility, encountering strong resistance at $180. Sellers rejected every attempt to break above this level. June brought a temporary breakout. SOL spiked dramatically, touching $280 before retracing sharply due to profit-taking.
Currently, the price trades in an ascending channel. Moreover, SOL remains above key moving averages, which signals structural strength. Volume trends confirm the legitimacy of each breakout and breakdown. The confluence of horizontal zones and the long-term trendline from February reinforces a robust technical setup.
Additionally, the market structure displays phases. Accumulation, markup, distribution, and markdown cycles appear distinct, each tied to volume and price activity. Hence, the prevailing range between $100 and $200 will continue to serve as the battleground for bulls and bears.
