Solana (SOL) Price: Cup and Handle Pattern Points to Possible $190 Target

TLDR

• Solana (SOL) is trading at $144, up 4.2% in 24 hours, with analysts targeting $180 to $190 after three months of sideways movement
• A cup and handle pattern has formed on the daily chart, suggesting a potential breakout above the $145 resistance level
• Solana’s perpetual futures volume recently surpassed Ethereum’s at $1.548 billion versus $1.523 billion in 24 hours
• US spot Solana ETFs recorded $10.7 million in net inflows, bringing year-to-date inflows to $1.14 billion with no outflows
• SOL reclaimed its 50-day moving average for the first time since September 2024, with a daily close above $141.3 needed to confirm bullish momentum

Solana is trading at $144 after gaining 4.2% in the past 24 hours. The price increase comes after three months of sideways trading between $120 and $145.

Traders are watching a cup and handle pattern that has formed on the daily chart since mid-November 2024. This technical pattern typically indicates a continuation of upward movement after a period of consolidation.

The pattern suggests an initial price target of around $180. This would represent a 25% increase from current levels.

The $145 resistance level has rejected four rally attempts over the past three months. Technical analysts believe the repeated testing makes a breakout more likely to occur.

Crypto trader NekoZ described the setup as “a masterpiece.” He pointed to smart money accumulation near the $120 level despite negative sentiment. His price target sits at $190 or higher.

Solana has moved back above its 50-day moving average. This marks the first time the price has held above this level since late September 2024.

Historical data shows that sustained trading above this moving average often marks the end of corrective phases. The technical shift suggests sellers are losing control of the price structure.

Derivatives Activity Shows Growing Interest

The derivatives market is showing increased bullish activity for Solana. The 24-hour perpetual futures volume reached $1.548 billion, surpassing Ethereum’s $1.523 billion.

Open Interest in Solana derivatives has climbed to $347.6 million. This exceeds Ethereum’s $268.4 million and indicates more capital is tied up in SOL positions.

The 90-day Futures Taker Cumulative Volume Delta has turned positive and continues rising. This metric shows aggressive buyers are consistently stepping in with more buy orders than sell orders.

Total Open Interest across all Solana derivatives has reached $8 billion. The OI-Weighted Funding Rate is also climbing, suggesting new long positions are being opened rather than just reactive trading.

ETF Inflows Provide Market Support

US spot Solana ETFs recorded $10.7 million in net inflows during the most recent session. Bitwise’s BSOL led with $8.6 million in inflows.

Year-to-date net inflows have increased from $1.02 billion to $1.14 billion. No outflows have been recorded, showing continued institutional interest.

The broader crypto ETF market is also seeing renewed inflows. Bitcoin spot ETFs added $117 million after four days of outflows. Ethereum ETFs recorded $5.04 million in inflows after three days of withdrawals.

XRP ETFs attracted $15.04 million in new capital. The inflows across multiple assets suggest cautious repositioning by institutional investors.

Analyst Ali Martinez noted that Solana’s structure improves above $144.63. A breakout above this level could open a path toward $159.

CoinGlass liquidation data shows $1 billion in long liquidations clustered around $130. About $520 million in short liquidations are positioned near $160.

Analyst Umair Crypto pointed to a bearish divergence on the daily chart. He stated that a daily close above $141.3 would be needed to reverse downside pressure. Trading above $138 could negate the divergence and shift attention back to the upside.

A confirmed daily close above $145 with strong volume would be needed to reach the $180 to $190 target zone. The 50-day moving average is providing support while ETF inflows and futures positioning favor bulls in the near term.

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