Solana’s Bullish Cup and Handle Pattern Signals Potential Breakout to $220
Solana’s SOL token is exhibiting a classic cup and handle pattern, a technical formation often associated with significant upward price movements. This development has caught the attention of traders and analysts, who are now eyeing a potential breakout toward the $220 level.
Solana Price Exhibits Bullish Cup and Handle Pattern, Eyes $220 Breakout
Solana’s SOL token is charting a classic cup and handle formation, signaling potential for a significant upward move. The pattern, observed across both traditional and crypto markets, typically precedes bullish breakouts.
The weekly chart reveals a rounded bottom structure developing since late 2021, with the current price action forming the handle—a consolidation phase that often precedes breakout attempts. market watchers are focusing on the $220 resistance level, which aligns with the cup pattern’s upper boundary and a critical head-and-shoulders neckline.
Technical analysts note that a decisive break above $220 could validate the pattern and trigger accelerated buying. The setup mirrors historical precedents where similar formations led to extended rallies in both crypto and traditional assets.
Crypto Token Failures Surge to Nearly 2 Million in Q1 2025
The cryptocurrency market witnessed a staggering collapse in the first quarter of 2025, with nearly 2 million digital assets failing. A CoinGecko report reveals that over 1.8 million tokens were abandoned or collapsed during this period, accounting for nearly half of all token failures since 2021.
From 2021 to 2025, more than 3.6 million tokens have failed. The report attributes this trend to the explosive rise of memecoins and the proliferation of simplified token creation platforms, such as Solana-based Pump.fun, which gained prominence in 2024. Pump.fun played a pivotal role in making 2024 the second-worst year for crypto failures.
Axiom Emerges as Solana’s Second-Highest Revenue Generator Amid Memecoin Boom
Axiom, a trading platform integrating bot capabilities with Hyperliquid’s perpetual futures, has surged to become Solana’s second-highest revenue-generating application. Last week, it generated $10.5 million, trailing only pump.fun’s $12.2 million. Phantom lagged behind at $4.3 million.
The platform’s rise disrupts the previous dominance of pump.fun and Trading Bots in Solana’s memecoin-driven ecosystem. Co-founded by UC San Diego graduates Henry Zhang and Pre, Axiom’s rapid ascent highlights the volatile yet lucrative nature of crypto trading tools.
Solana’s Bollinger Bands Signal Potential Price Breakout
Solana’s 4-hour chart shows tightening Bollinger Bands, a classic technical indicator preceding significant volatility. The cryptocurrency currently trades at $147.38, up 0.71% amid building buying pressure.
Chart analysts note the compression between upper and lower bands typically resolves in strong directional moves. With the middle band acting as support, market participants anticipate bullish continuation in coming sessions.
The pattern emerges as SOL demonstrates relative strength among altcoins, with traders monitoring for a decisive break above recent resistance levels. Market depth data reveals increasing limit orders clustered around the $150 psychological threshold.
