Analyst Says $50M Long Squeeze Could Catalyze Solana Price Rally to $300

Solana (SOL) price has dropped below $150 for the first time in nearly a month. This drop has coincided with a nearly $50 million long squeeze that has increased the sell-side pressure facing SOL. Meanwhile, analysts note that if Solana price falls to retest the support level at $140, it could catalyze a bull run to an all-time high of $300.

At press time, SOL trades at $148 with a 2.2% decline in 24 hours. The dip mirrors the gloomy outlook across the border market as crypto liquidations topped $1 billion today, June 6.

Analyst Forecasts Solana Price Rally to $300M After $50M Squeeze

Data from Coinglass shows that in the last 24 hours, more than $48 million long positions on Solana were closed. This marked the highest single-day long squeeze since early March 2025.

Amid the closure of these long positions, analyst Ted on X believes that Solana price may soon surge to $300. The analyst based his bullish forecast on the formation of a cup and handle pattern on the daily Solana chart.

In his analysis, Ted opined that Solana price faces resistance at the neckline of this bullish pattern, which lies between $178 and $183. If it can break above this level, it could make a rally that is equivalent to the cup’s depth.

Going by Ted’s pattern, Solana could be poised for a 70% rally if it overcomes the $183 resistance level. Such a rally will push SOL price to $300, which is also an all-time high.

Ted’s bullish take is also shared by another trader dubbed asif, eth, who notes that the key support for Solana price sits at $140. The trader opined that an extreme funding rate, which is now the case, usually coincides with Solana bottoms.

The bullish thesis shared by the two traders mirrors a recent CoinGape analysis that identified a hidden Solana price fractal that may push SOL to $400 this cycle.

Hyperliquid Whales Increase Long Positions

Despite the $48 million long squeeze that liquidated many traders and sparked losses, data from Hyperliquid shows that whales continue to increase their long bets on Solana price. The Hyperliquid Whale Tracker shows that out of the top four futures positions opened on SOL price in the last 24 hours, three were long bets as whales anticipate a rebound.

Per this data, these whales have opened $8.5 million in long positions on Solana within hours, which highlights a bullish bias. These positions also align with the bullish technical outlook shared by analysts of a potential recovery.

Considering the bullish take by analysts towards Solana price performance despite the recent crash that caused a $48 million long, the market sentiment towards SOL remains bullish. Meanwhile, whales are opening more long positions on the token.
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