Solana tests resistance with bullish cup-and-handle pattern forming.
Social engagement and derivatives activity fuel optimistic market sentiment.
Solana [SOL], one of the prominent altcoins, is navigating a critical phase as it attempts to sustain its bullish momentum. After hitting a four-day low of $230.17, SOL is declining, trading at $232 with a 3% dip in the past 24 hours. The cryptocurrency’s trading volume has decreased by 13%, reflecting a cautious market sentiment.
Meanwhile, the current pattern on Solana’s weekly chart signals a potential breakout. This classic bullish structure has traders watching closely as SOL approaches a key supply zone. A successful breakout above this resistance could catalyze a significant price rally, with analysts projecting a potential surge toward $420 during the festive season.
SOL Price Chart, Source: Sanbase
However, failure to breach this level might trigger a pullback, testing SOL’s support around $230 or lower. The Relat
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