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Solana ($SOL) is showing multiple technical patterns on its monthly chart, drawing attention from traders and market watchers.
Meanwhile, its price stands at around $225, with a 24-hour trading volume of $7.3 billion. It has gained 1% in the last day and 1% over the past week.
Cup and Handle Pattern Forms on Monthly Chart
A monthly chart shared by Lark Davis shows a possible cup and handle pattern on $SOL. The formation stretches from the 2021 peak, through the 2022 low, to the current handle phase. The area between $270 and $301 remains a key zone. If $SOL moves above this range, it may trigger a strong upward move.
Using Fibonacci levels, the 1.618 extension places a price target around $425. A second target, based on the 2.618 level, is near $624. These figures come from historical price moves and are commonly used for tracking breakout levels. Davis noted that the $425 level lines up with the 1.618 projection.
MACD and RSI Indicators Show Strength
The monthly MACD is showing a crossover, where the main line is now above the signal line. This setup is often viewed as a sign of building momentum, especially on long-term charts. It has appeared during periods when trend changes begin to take shape.
Another chart from CryptoJack points to an ascending triangle, with $SOL pressing against horizontal resistance. The pattern is made of higher lows and flat highs, with resistance near $380. The monthly RSI has also crossed above its signal line. CryptoJack posted,
“$SOL looks ready to explode. Ascending triangle + RSI golden cross = bullish combo. The breakout could be huge.”
This pattern still needs confirmation with a close above the resistance.
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Lennaert Snyder noted that $SOL bounced from weekly support near $193, keeping the higher timeframe trend in place. He mentioned that $213 could serve as a pullback level, with $232 acting as resistance for further upside.
ETF Filing Adds Market Interest
Bitwise updated its Solana ETF filing this week, setting an annual fee of 0.20% and adding a staking feature. Bloomberg ETF analyst Eric Balchunas commented,
“They prob figured it’s gonna end up there anyway, so just do it now.”
He referred to the move as a bold step in a competitive market.
The ETF is still awaiting a decision from the US Securities and Exchange Commission. Traders are watching how this may affect volume and sentiment around $SOL.
Separately, Jupiter, a decentralized exchange built on Solana, announced plans to launch its own stablecoin, JupUSD, by year-end. The stablecoin will be used across its trading, lending, and derivatives products.