Solana Nails Make-or-Break Retest—Analysts Predict Q3 Price Explosion
Solana’s SOL token is flirting with a critical support level—the kind that separates 50% rallies from dead-cat bounces. Traders are glued to charts as technicals hint at a replay of 2021’s parabolic run.
Market watchers cite three bullish catalysts: institutional staking demand, meme coin mania migrating from Ethereum, and that classic crypto narrative—’this time it’s different.’ Meanwhile, Bitcoin maximalists mutter about ’ghost chains’ between sips of their dollar-cost-averaged coffee.
The real tell? How fast the ’Solana is centralized’ FUD resurfaces when price starts pumping. Nothing triggers crypto Twitter like a competitor actually working at scale.
Solana Moves Within Key Range
Amid its 15% biweekly recovery, Solana, one of the leading altcoins of this cycle, has attempted to reclaim a crucial resistance after recovering the $140 support for the first time since late February.
Earlier this month, the cryptocurrency fell to a 14-month low of $95 amid the market retraces, which saw Bitcoin (BTC) and Ethereum (ETH) retest key horizontal levels.
Since hitting its $293 all-time high (ATH), SOL has retraced up to 63%, trading 50% below its January high at the time of writing. However, Solana climbed above some crucial ranges during the recent crypto market recovery.
Over the past few weeks, the altcoin has successfully recovered the $120 and $130 support zones, breaking above the $140 resistance seven days ago, where the SOL price has been rejected since losing the level nearly two months ago.
As a market watcher pointed out, Solana has been moving sideways, consolidating within the $145-$157 range for the past week. The trader noted that this range could decide SOL’s next direction, with a breakout above the upper boundary positioning the altcoin to retest higher levels.
On the contrary ,if it breaks down this price range, the “next support level below at around $136,” which could also risk a drop to the $100-$120 support zones. However, Ali Martinez recently stated that Solana is forming a “textbook-perfect cup and handle pattern,” which could mark the start of a major rally for SOL.
SOL Price Preparing For A Breakout?
Analyst Alex from AMCrypto noted that Solana’s short-term downtrend is over after a recent breakout. He identified that SOL broke out of a seven-day falling wedge that formed within its current range, surging above the upper trendline on Monday.
According to the analyst, “SOL could hit $170-$180 in the short term and most likely a new ATH by Q3/Q4,” based on its utility and demand. “It recently surpassed all other L1s and L2s combined in DEX volume, which shows its immense utility. Along with that, multiple companies are also raising funds to buy SOL, which will further add demand,” he explained.
With the price attempting to hold the $150 mark, trader Lluciano_BTC considers the current level “a strong hold.” He highlighted that Solana’s uptrend “is only getting started” after breaking out of a multi-month falling wedge formation at the start of the month.
According to the chart, SOL broke out of the pattern ahead of the sub-$100 correction, testing a key demand zone during the following pullback. After recovering the $120 mark, the altcoin has been in an uptrend, which eyes the $170 resistance as the next target.
As of this writing, Solana trades at $149, a 1.1% increase in the daily timeframe.
