TLDR:
- Solana repeats a 2023 triangle breakout that led to a 5x surge in the previous cycle.
- The S/R flip near $130–$140 confirms bullish momentum and the buyer absorption zone.
- Analysts project a $400–$500 peak, noting the market cap may cap extreme upside.
- The current pullback is seen as a retest phase; holding $130–$140 supports rally case.
Solana (SOL) is showing signs of a bullish continuation, with analysts pointing to repeating patterns last seen before a major price surge. The asset recently broke out of a consolidation phase and is now retesting previous resistance levels as new support.
This technical setup mirrors a 2023 structure that led to a rapid fivefold rally. Market watchers believe this could set the stage for another substantial leg up in the current cycle. Although market cap constraints may limit the upside, an uptrend appears to be in place.
Solana Price Structure Echoes 2023 Fractal
SOL is repeating a similar pattern seen in Q2–Q3 of 2023. Then, a symmetrical triangle formed, followed by a breakout and an S/R flip that led to a 5x gain.
Analyst Cas Abbé noted that a nearly identical triangle formed between January and April 2024. The breakout occurred in May, with SOL now performing an S/R flip around $130–$140. This price action suggests a strong support zone is forming, which could fuel a larger upward move.
$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 green-arrow zones on the chart highlight rebounds from key support areas. These zones marked buying interest in both setups, acting as springboards for bullish momentum. Abbé believes this repeat behavior strengthens the bullish case.
The S/R flip, where a previous resistance becomes support, often signals a continuation of an uptrend. In SOL’s case, the May breakout followed by a successful retest at $130–$140 confirms this pattern. Buyers appear to be stepping in, absorbing selling pressure and keeping price action above the breakout level.
Such technical behavior is commonly seen before a major rally. In 2023, SOL followed this setup with a sharp move to $125 within months. While exact repeats are rare, market patterns often echo under similar conditions.
SOL Market Cap May Limit Gains but Not Trend
Unlike 2023, Solana now holds a much larger market cap. This factor limits the probability of another 5x surge.
However, Abbé suggested a 2x to 3x move remains realistic, projecting a cycle peak between $400 and $500. From current levels near $155, that projection reflects a strong bullish outlook.
The price zone of $300 to $450 aligns with the historical chart setup and current technical structure. As long as broader market conditions remain favorable, the technical roadmap points to continued upward momentum.
At the time of writing, SOL trades at $154.76, reflecting a 2.06% dip in the last 24 hours. Over the past week, the asset is down 8.82%, according to CoinGecko. Despite the short-term pullback, the overall structure remains bullish.
This retracement is viewed as a typical retest phase after a breakout. Analysts maintain that holding the $130–$140 zone keeps the bullish case intact. If confirmed, the next major leg up may push SOL toward new cycle highs.
