TLDR
- Solana (SOL) mirrors 2023 chart formation that preceded a 500% price increase
- Current price action shows support/resistance flip occurring near $130-$140 levels
- Technical targets suggest potential move to $400-$500 range in current market cycle
- Recent weakness from $188 high tests whether bullish structure remains valid
- Key support at $150-$142 will determine if uptrend continues or further decline occurs
Solana displays technical formations that closely resemble patterns from 2023 before the cryptocurrency experienced a price surge. The digital asset currently trades around $154.76 as market participants watch key support levels.
Technical analyst Cas Abbé identified striking similarities between current price structure and formations from early 2023. During that period, SOL formed a symmetrical triangle before breaking higher and delivering approximately 500% gains.
$SOL hasn't peaked for this cycle.
It had a breakout last month, and now just doing S/R flip.
This is very similar to what happened in Q3 2023, before SOL pulled 5x within a few months.
This time the MCap is much bigger, so a 2x-3x move seems highly likely.
I think $SOL will… pic.twitter.com/4Qbowz4C96
— Cas Abbé (@cas_abbe) June 4, 2025
The 2024 setup shows an almost identical triangle pattern developing between January and April. A breakout occurred in May, followed by the cryptocurrency attempting to establish new support levels around $130-$140.
This price behavior represents what traders call a support/resistance flip. Previous resistance zones transform into support areas, often indicating trend continuation when successfully tested.
Market data from CoinGecko shows SOL declining 2.06% over 24 hours and 8.82% during the past week. Despite short-term weakness, the broader technical picture suggests potential for substantial gains.
Historical Context Provides Bullish Framework
The 2023 rally began after SOL completed similar technical developments. The cryptocurrency surged from approximately $25 to $125 following the triangle breakout and successful retest.
Chart analysis reveals green zones marking key support areas in both historical and current setups. These regions showed strong buying interest and served as launching points for upward momentum.
Current price action mirrors this historical behavior as buyers appear at specific levels. The $130-$140 zone represents the critical area where previous resistance should transform into support.
Successful defense of these levels would confirm the bullish thesis and potentially trigger the next major upward movement. Historical precedent suggests such formations often lead to extended rallies.
Market Capitalization Creates Different Dynamics
Solana’s current market valuation differs substantially from 2023 levels. The increased market cap reduces probability of another 500% surge according to technical analysis.
Abbé estimates a more realistic 200-300% advance, projecting cycle peaks between $400-$500. From present levels, this scenario would represent substantial gains for holders.
The target range of $300-$450 aligns with both historical patterns and current market structure. Broader market conditions will influence whether these levels can be achieved.
Recent price action shows concerning developments as SOL retreated from $188 resistance. The cryptocurrency broke below several technical levels including the $172 support zone.
Technical indicators show SOL trading beneath its 50-day moving average, suggesting momentum has shifted. The decline also breached the 23.6% Fibonacci retracement of the rally from $92 to $187.
Immediate support exists near $150, with more substantial support at $142. This level corresponds to the 50% Fibonacci retracement of the recent advance.
A breakdown below $142 could accelerate selling toward $130 support. Further weakness might target the $118 area or potentially $102 in extended decline scenarios.
Recovery requires bulls to defend current levels and reclaim key resistance zones. Movement above $162 would suggest renewed strength and target the $165 area.
Clearing $172 resistance could retest the previous $188 high. A daily close above that level might open pathways toward $200 and higher targets.
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