The price of Solana is currently trading around 203.64 USD, after falling 2.3% in the past 24 hours. The market structure is forming a pattern that indicates the possibility of larger movements in the future, supported by technical signals and recent governance upgrades.
With SOL prices holding steady and the charts aligning, Solana seems ready to test higher Fibonacci targets.
Technical setup indicates a 125% price increase potential for Solana
The weekly SOL price chart shows a clear cup and handle pattern that has formed since mid-2022. This setup often signals a bullish move, with $275 being the next significant barrier for the price of Solana.
The cup and handle pattern is a bullish chart setup, where the price first forms the shape of a "cup", then pulls back slightly to create the "handle" before breaking out to higher levels. In the case of Solana, the neckline is around the $275 level, acting as the next major resistance.
If this breakout holds, the pattern will indicate price targets consistent with a potential 125% increase, based on Fibonacci projections.
A decisive breakout on the neckline will push Solana towards Fibonacci targets around $367 and then $460. At the current price of 210 USD, SOL shows more stable buying interest than strong selling pressure.
Solana price chart | Source: TradingViewMoreover, the RSI is holding near the 60 level, indicating potential for further upside without signs of overbought.
Upon closer examination, Solana has consistently formed higher lows, a sign that often supports long-term price increases. The price range of $200–$220, which was once a barrier, has now become a strong support zone.
This aligns with the long-term outlook for SOL, according to analyst Donald Dean, who predicts that strong price increase potential will target levels of $218 and $295.
The on-chain trading volume shows solid support around the $190 level, indicating that buyers are gradually regaining control. The Fibonacci level of 0.236 at $148 is also an important pivot point, adding another layer of support below.
If the price of Solana can turn the level of $275 into support, the next Fibonacci targets will be $367 and $460. With the current technical setup, SOL has established a bullish path that could unfold in the near future.
The special community supports the Alpenglow upgrade with 98% approval
Along with the powerful chart setup, the Solana community has approved the Alpenglow upgrade with a support rate of up to 98.27%. This change will reduce the block completion time to 150 milliseconds, helping Solana become the fastest-growing blockchain.
More than half of the staked supply of Solana has participated in the voting, demonstrating strong support from the validators. This upgrade is expected to increase transaction speed and improve scalability for DeFi applications, NFTs, and real-world applications on the network.
This new upgrade, if implemented, will enhance the consensus efficiency of Solana and strengthen trust between developers and users.
Organizations often prioritize blockchains with low latency, and this move could further strengthen Solana's position among the highest-performing Layer 1 blockchains. With Solana's price having increased, a victory in this governance will provide additional momentum for its breakthrough.
Future prospects for Solana price
The price of Solana is currently supported by both the chart pattern and network upgrades. The cup and handle setup indicates breakout potential, while the Alpenglow upgrade demonstrates strength at the protocol level.
A price movement of SOL surpassing $275 could pave the way for Fibonacci targets near $460. All these factors together create a positive bullish outlook in the coming months.
However, investors need to be cautious due to the ongoing volatility in the broader crypto market.
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Solana price targets a 125% increase as 98% approve the Alpenglow upgrade
The price of Solana is currently trading around 203.64 USD, after falling 2.3% in the past 24 hours. The market structure is forming a pattern that indicates the possibility of larger movements in the future, supported by technical signals and recent governance upgrades.
With SOL prices holding steady and the charts aligning, Solana seems ready to test higher Fibonacci targets.
Technical setup indicates a 125% price increase potential for Solana
The weekly SOL price chart shows a clear cup and handle pattern that has formed since mid-2022. This setup often signals a bullish move, with $275 being the next significant barrier for the price of Solana.
The cup and handle pattern is a bullish chart setup, where the price first forms the shape of a "cup", then pulls back slightly to create the "handle" before breaking out to higher levels. In the case of Solana, the neckline is around the $275 level, acting as the next major resistance.
If this breakout holds, the pattern will indicate price targets consistent with a potential 125% increase, based on Fibonacci projections.
A decisive breakout on the neckline will push Solana towards Fibonacci targets around $367 and then $460. At the current price of 210 USD, SOL shows more stable buying interest than strong selling pressure.
Upon closer examination, Solana has consistently formed higher lows, a sign that often supports long-term price increases. The price range of $200–$220, which was once a barrier, has now become a strong support zone.
This aligns with the long-term outlook for SOL, according to analyst Donald Dean, who predicts that strong price increase potential will target levels of $218 and $295.
The on-chain trading volume shows solid support around the $190 level, indicating that buyers are gradually regaining control. The Fibonacci level of 0.236 at $148 is also an important pivot point, adding another layer of support below.
If the price of Solana can turn the level of $275 into support, the next Fibonacci targets will be $367 and $460. With the current technical setup, SOL has established a bullish path that could unfold in the near future.
The special community supports the Alpenglow upgrade with 98% approval
Along with the powerful chart setup, the Solana community has approved the Alpenglow upgrade with a support rate of up to 98.27%. This change will reduce the block completion time to 150 milliseconds, helping Solana become the fastest-growing blockchain.
More than half of the staked supply of Solana has participated in the voting, demonstrating strong support from the validators. This upgrade is expected to increase transaction speed and improve scalability for DeFi applications, NFTs, and real-world applications on the network.
This new upgrade, if implemented, will enhance the consensus efficiency of Solana and strengthen trust between developers and users.
Organizations often prioritize blockchains with low latency, and this move could further strengthen Solana's position among the highest-performing Layer 1 blockchains. With Solana's price having increased, a victory in this governance will provide additional momentum for its breakthrough.
Future prospects for Solana price
The price of Solana is currently supported by both the chart pattern and network upgrades. The cup and handle setup indicates breakout potential, while the Alpenglow upgrade demonstrates strength at the protocol level.
A price movement of SOL surpassing $275 could pave the way for Fibonacci targets near $460. All these factors together create a positive bullish outlook in the coming months.
However, investors need to be cautious due to the ongoing volatility in the broader crypto market.
Mr. Giáo