Key Insights:
- Solana price tested $245–$250 after weeks of steady accumulation.
- Chart showed a cup-and-handle with measured targets around $320–$340.
- Galaxy Digital bought about $1.35B in SOL over seven days, analysts said.
Solana advanced into the $245–$250 resistance on Monday after weeks of rebuilding. Analysts tracked a maturing cup-and-handle as institutional demand strengthened.
Solana price was around $250 at the time of writing. The move followed repeated higher lows and tighter ranges. The pattern suggested buyers controlled dips and returned to the same ceiling.
Solana price tested a long-standing ceiling
Traders said the chart printed a classic cup-and-handle pattern. The cup formed as price curved higher across several weeks. The handle developed as a brief pullback and tight consolidation.
A cup-and-handle is a bullish continuation setup. The cup shows an accumulation phase. The handle often marks a pause before a breakout attempt. The neckline aligned with the $245–$250 band.
A decisive break and close above that band would confirm the structure. The measured move pointed toward roughly $320–$340. Fibonacci extensions supported that zone, according to several desks.
Support range sat close by. Short-term buyers defended around $239. A deeper base remained near $224–$225. Those levels lined up with prior buying clusters. The market treated them as the first and second lines of defense.
Analysts said the series of higher lows improved the odds of continuation. The market rejected breakdowns and pushed back to the ceiling. That behavior often preceded an expansion when supply thinned overhead.
Institutional flows and Solana price context
Institutional activity added weight to the thesis. Galaxy Digital bought roughly 5.82 Million SOL over seven days. The total value reached about 1.35 Billion Dollars. That purchase ranked among the largest SOL allocations this year, according to market commentary.
Large buys can absorb available float. They can also influence sentiment. Funds often respond to visible accumulation by peers. That feedback loop can support a breakout once technicals align.
Community focus centered on $250. Traders described it as both a technical and psychological checkpoint. Clearing it would mark an exit from a stubborn range. The level had rejected several rallies in recent months.
Market technicians also referenced a rising trendline that dated back to 2021. Price respected that line during broad corrections. Each touch sent SOL back toward the upper band. The repeated tests implied pressure built under resistance.
Momentum readings were mixed but constructive in recent sessions. The pattern’s shape mattered more than short-term oscillators, traders said. As long as
Solana price held above the immediate floors, the structure stayed intact.
What could validate the breakout next
Confirmation required strength above the neckline and follow-through. Traders looked for a daily close above $250 with volume. That signal would validate the measured move toward $320–$340.
Upside checkpoints appeared near $280–$300 before the extension. Those areas matched prior supply zones and round numbers. They often drew partial profit-taking before trend resumption.
Failure to hold above $239 would weaken the pattern’s near-term appeal. A drop toward $224–$225 would still fit a larger base. However, repeated closes below that band would challenge the bullish view.
Analysts said structure and participation mattered most. A clean breakout needs broad spot demand and healthy derivatives posture. Thin order books can exaggerate moves and cause failed breaks.
Traders planned to watch the handle’s range for early signals. Expanding ranges with higher lows often precede a push through the neckline. Tight bands with fading volume can delay the attempt.
Longer term, the rising trendline from 2021 remained the anchor. Holding that line kept the broader uptrend viable. Losing it would turn focus to prior weekly bases and invalidate the immediate setup.
The market treated the current phase as a test of supply. If buyers cleared $250 and defended it on retests, the path higher stayed open. If not, SOL likely extended its consolidation while the base matured.
Overall, Solana’s case rested on two elements already in play. The chart showed a well-defined continuation setup. Institutional flows signaled confidence. If those forces aligned above $250, the move could extend toward prior targets without introducing new catalysts.