Solana (SOL) price has reached a strong technical formation as analysts revealed that a double bottom was confirmed and several bullish retests occurred.
The analyst noted a rally to reach a mid-term target of $262 with increasing support and momentum in several timeframes.
Solana Price Falling Wedge Breakout
After a classic falling wedge pattern on the daily chart, Solana price has broken resistance above $184. Analyst Carl Moon noted that the top asset has been stuck in a bearish structure since the beginning of 2025.
However, a recent bullish price activity has reaffirmed a breakout of the upper edge of the wedge shape.
This was followed by increasing volume and higher lows, indicating the further continuation of the bullish trend.
In addition, the technical analyst has identified $262 as the next possible target expected to yield a potential gain of 58.85% at the breakout level.
A breakout followed by a bullish consolidation finishing the falling wedge reaction is a typical trend reversal indicator.
SOL Weekly Chart Forms Double Bottom
On the higher timeframe, Solana price weekly chart showed a pronounced double bottom pattern, forming between March and June.
The altcoin pattern suggested that buyers defended the $120 zone twice, leading to a reversal in trend.
Notably, this structure resembled a “W” formation, which became actionable when the neckline was broken. In this case, that neckline was positioned near $189, which was a short-term resistance.
A confirmed breakout above $189 would open the path to the $211.54 level, representing a prior weekly resistance from late 2024.
Market data showed that Solana price posted a 10.85% gain last week, closing near $178.64. Consequently, this performance added confidence to the ongoing uptrend and strengthened the case for further upside.
The double bottom pattern is considered valid as long as the $140–$145 base is not breached in the near term.
SOL Support at $168 Strengthens Structure
More so, analyst Froggy noted that Solana price recently broke above key resistance and successfully retested the breakout zone near $168.
Holding this level is now viewed as essential for sustaining bullish momentum.
Retests of former resistance levels followed by support confirmations often reinforce bullish trend continuation, especially when supported by strong market participation.
Furthermore, recent movements have set a support area in the $168 trigger zone. Should this level be maintained, the analyst speculated that a shift to the zone between $186 and $188 is probable.
Besides, this structure was reinforced by a trendline of the higher lows on the four-hour chart going on since April.
This break above horizontal resistance was consistent with the overall market dynamics, with SOL having a high time frame consolidation with shorter-term accumulation periods.
Solana Price Projections Target $262 if Momentum Holds
Subsequently, the convergence of bullish signals across multiple timeframes added weight to projections targeting $262.
This level was previously identified by Carl Moon, who emphasized that Solana price had already met earlier resistance objectives.
The new target zone fell within the projection window marked on the daily chart, which spans from $184 to $262. A break above $189 would likely be a trigger point for continued buying pressure.
Furthermore, current market sentiment reflected increased trading activity and volume near breakout zones.
As Solana price attempts to sustain this trend, short-term consolidation around $178–$184 may be a catalyst for the next leg upward.
Source: https://www.thecoinrepublic.com/2025/07/19/solana-price-will-it-shoot-to-262-thanks-to-these-developments/