- Analyst notes Solana’s cup-and-handle breakout could push prices toward $1,300 if momentum sustains above $175.
- Fibonacci extensions identify resistance near $787 and $1,314, aligning with steady investor accumulation since 2023.
- Forward Industries’ new Solana validator and ETF optimism boost institutional confidence in Solana’s ongoing rally.
Solana’s price structure has had strong attention after a long term technical setup hinted at a major breakout. Analyst Ali stated that “Solana $SOL looks like it’s breaking out of a cup and handle.
If confirmed, the pattern points to $1,300.” The formation, which developed over nearly three years, reflects a steady recovery from the 2022–2023 lows near $8.00, showing a gradual climb through several key Fibonacci levels.
Long Term Structure Aligns With Technical Formation
Data shows that the cup pattern began taking shape after Solana’s deep correction from the 2021 highs. It bottomed near $8.00 in early 2023 before retracing key Fibonacci zones, including $18.74 at 0.236 and $31.74 at 0.382.
The recovery extended to $48.58 at the 0.5 level, $74.37 at 0.618, and $147.37 at 0.786, before topping near $296.11 at the 1.0 Fibonacci mark. After this peak, Solana entered a descending range between $175 and $135, forming the “handle” portion of the structure.
The latest move above this range, visible in recent daily candles, suggests renewed bullish strength. Analysts note that maintaining support above $175 will be key for sustaining upward momentum.
Fibonacci Extensions
Fibonacci extensions point to potential resistance zones at 1.272 and 1.414 levels. These correspond to $787.43 and $1,314.41 respectively, indicating possible targets if momentum continues to build.
The steady progression across these retracement and extension levels indicates consistent investor accumulation between 2023 and 2025. Analyst Ali emphasized that the structure symmetry supports confidence in Solana’s recovery trend.
Staking Activity Expands
Adding to the positive momentum, Nasdaq-listed Forward Industries launched a Solana validator this week, staking all SOL and opening delegation to the public. The move follows increasing institutional involvement within the Solana ecosystem.
Another analyst, James, described the SOL setup on X as “one of the most bullish things you will see.” He added that “so many people are going to sell too early and FOMO in higher.”
Meanwhile, short-term projections indicate that SOL could climb toward $290–$345 if the U.S. Securities and Exchange Commission approves spot Solana ETFs this week. Market observers currently see the approval odds near 100%, reinforcing the asset’s growing momentum within the broader Layer-1 space.
