Solana Price at Critical Juncture: A Breakout to $200 or Revisit Old Lows?

The Solana price continues to grind, aided by the ongoing resurgence of its meme coin ecosystem. It has risen for four days straight and has settled at its highest point since March 3. SOL has jumped by 60% from the year-to-date low. So, will the SOL price jump to $200 or drop and retest its old lows?

Crypto Analysts are Bullish on the Solana Price

Solana price rallied as most meme tokens in its ecosystem jumped. Fartcoin price has risen by 455% from its March lows, bringing its market cap to over $1B. Other popular tokens like Bonk and Dogwifhat have also jumped. This growth has led to increased activity in its DEX networks, such as Raydium, and higher fees.

Solana price has also jumped as two Wall Street firms have raised capital to accumulate it: Janover and Upexi. Janover has already spent over $20M and is expected to spend $42 million in its acquisition spree. Upexi aims to raise capital and acquire SOL coins and replicate MicroStrategy’s approach.

Crypto professionals on X are optimistic that the Solana price will continue to grow. Christiaan, a popular pro, pointed to the fact that it has formed a giant falling wedge pattern. He expects it to keep rising and ultimately hit $250.

The value of SOL may also surge because of Paul Atkins, the new SEC chair who may decide to accept its ETFs. Unlike Gary Gensler, he may also accept these ETFs with staking features.

SOL Analysis: C&H Pattern Signals More Gains

The chart above provides a clearer Solana price prediction. It shows that the coin has been forming a cup and handle pattern since at least 2021.

The upper side of this cup was at $261, its highest point in 2021. It briefly rose above that level this year, in what seems to be a false breakout. The recent pullback has formed the handle section of this pattern.

Solana’s Cup & Handle is about 98% deep, and measuring the same distance from the upper side points to more gains to over $500 in the long term.

Furthermore, the Solana price also formed a megaphone pattern, comprising two ascending and diverging trendlines. Therefore, the coin is likely to continue rising, with the initial target to watch being the psychological $200 level.

A drop below $95.55, the lowest swing this month, will cancel the bullish outlook and signal that there are still more sellers keen on pushing it lower.