Solana builds a classic cup-and-handle pattern near $152, with $140–$145 support critical before a possible breakout to $210+.
Rising wedge and Elliott Wave suggest SOL is poised for wave 5, aiming at $280 resistance if momentum continues.
Traders stay cautious, eyeing $130–$114 support for a potential bounce before confirming a breakout above $183 resistance.
Solana (SOL) is trading near $152, forming a cup-and-handle pattern across the daily chart. Price action remains compressed beneath resistance, with traders watching for a clear breakout signal.
Bullish Setup Forms Beneath Critical Resistance
Solana has been consolidating below the $178–$183 resistance band since its failed breakout in late May. This zone has historically rejected price, creating a neckline for the current setup.
Market maestros are tracking a broad bullish formation that began after the March peak near $180. According to Ted Pillows, Solana found a base at $115 in April, then rallied steadily toward the neckline. The analyst also pointed out that price has now entered the handle phase, with the current pullback contained above key higher lows. Rejection wicks at $183 confirm persistent overhead pressure, while the rounded base continues to support the bullish case.
If the $140–$145 zone holds, the handle remains valid. The pattern would then be positioned for a breakout toward $210 or higher. Early signals suggest that buyer accumulation continues across this structure.
Can Solana Break Free Toward Wave 5?
Solana’s current pattern may also align with a rising wedge and five-wave Elliott formation. The structure spans from mid-2023 and outlines a potential wave 5 in progress. Coinvo has presented a comparative analysis using the 3-day chart. Price action from $98 to $152 places SOL within a rising wedge, with upper resistance near $280. The asset retraced nearly 70% between wave 3 and wave 4, often a sign of explosive follow-through in bullish wedge setups.
Source: Post on X
The current wedge compression hints at pressure building toward a vertical breakout. Price has reclaimed over 50% from its recent low. Forecasts now lean toward a continuation of upward trends if momentum extends toward $190.
Sentiment Turns Cautious as Traders Wait
Some market watchers highlight this moment as a possible catalyst for renewed momentum. However, strategic patience dominates trader behavior across social platforms. Market observers on X are focused on the $130–$114 support zone. This level could trigger a short-term bounce toward $220–$250 if held. Still, many participants remain cautious, waiting for clearer entry signals or a confirmed breakout above resistance.
The post Market Maestros Track Bearish Solana’s Cup-and-Handle Setup Near $140 Support Level appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
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Market Maestros Track Bearish Solana’s Cup-and-Handle Setup Near $140 Support Level
Solana builds a classic cup-and-handle pattern near $152, with $140–$145 support critical before a possible breakout to $210+.
Rising wedge and Elliott Wave suggest SOL is poised for wave 5, aiming at $280 resistance if momentum continues.
Traders stay cautious, eyeing $130–$114 support for a potential bounce before confirming a breakout above $183 resistance.
Solana (SOL) is trading near $152, forming a cup-and-handle pattern across the daily chart. Price action remains compressed beneath resistance, with traders watching for a clear breakout signal.
Bullish Setup Forms Beneath Critical Resistance
Solana has been consolidating below the $178–$183 resistance band since its failed breakout in late May. This zone has historically rejected price, creating a neckline for the current setup.
Market maestros are tracking a broad bullish formation that began after the March peak near $180. According to Ted Pillows, Solana found a base at $115 in April, then rallied steadily toward the neckline. The analyst also pointed out that price has now entered the handle phase, with the current pullback contained above key higher lows. Rejection wicks at $183 confirm persistent overhead pressure, while the rounded base continues to support the bullish case.
If the $140–$145 zone holds, the handle remains valid. The pattern would then be positioned for a breakout toward $210 or higher. Early signals suggest that buyer accumulation continues across this structure.
Can Solana Break Free Toward Wave 5?
Solana’s current pattern may also align with a rising wedge and five-wave Elliott formation. The structure spans from mid-2023 and outlines a potential wave 5 in progress. Coinvo has presented a comparative analysis using the 3-day chart. Price action from $98 to $152 places SOL within a rising wedge, with upper resistance near $280. The asset retraced nearly 70% between wave 3 and wave 4, often a sign of explosive follow-through in bullish wedge setups.
Source: Post on X
The current wedge compression hints at pressure building toward a vertical breakout. Price has reclaimed over 50% from its recent low. Forecasts now lean toward a continuation of upward trends if momentum extends toward $190.
Sentiment Turns Cautious as Traders Wait
Some market watchers highlight this moment as a possible catalyst for renewed momentum. However, strategic patience dominates trader behavior across social platforms. Market observers on X are focused on the $130–$114 support zone. This level could trigger a short-term bounce toward $220–$250 if held. Still, many participants remain cautious, waiting for clearer entry signals or a confirmed breakout above resistance.
The post Market Maestros Track Bearish Solana’s Cup-and-Handle Setup Near $140 Support Level appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.