TL;DR

Solana forms a 3-year cup and handle, with breakout targets of $500 and $1,000. The cycle model suggests Solana could peak at Zone V, projecting a rally above $18,000. Forward Industries acquires 6.82M SOL, becoming the largest holder with 1.26% of the supply.

Cup and Handle Setup at Key Resistance

Solana’s weekly chart shows a cup and handle pattern that has taken shape over three years. The asset is now testing the neckline around $245–$250, a zone viewed as critical for confirming the breakout.

Remarkably, the broader structure includes a rounded base formed between late 2021 and 2023, followed by a smaller pullback that created the handle. The 50-week moving average is trending higher and sits below the current price, while the RSI is climbing near 60, suggesting momentum without entering overbought territory. Analyst Jonathan Carter commented,

#SOL Weekly Cup Handle is at the MOMENT OF TRUTH☕️

The setup:

✅ 3-years cup formation

✅ Clean handle complete

✅ Volume building at neckline

Long-term targets: $500 → $1,000

All criteria are aligning. Perfect weekly pattern for growth pic.twitter.com/2M9POUvVWd

His projection places long-term targets at $500 and potentially $1,000 if the move continues.

Cycle Model Points to Higher Zones

A separate analysis from Trader Tardigrade outlined a repeating cycle model built on channel zones. Previous rallies saw Solana top at different zones before retracing to Zone I, which acted as long-term support.

The chart now considers the chance of Solana peaking again at Zone V, similar to the move in late 2021. The model’s projection shows a possible run above $18,000 before a later correction. Tardigrade noted that each cycle in Solana’s history has followed a similar pattern of steep expansions followed by substantial retracements.

Source: Trader Tardigrade/X Additionally, Crypto Patel highlighted a bullish structure following Solana’s breakout above $26–$33, which had capped the price during the downtrend. Since then, the token has consolidated between $115 and $285, forming a broad base above old resistance.

Patel set two major objectives. They wrote,

Can $SOL hit $1000 in this bull run?

My 1st target is $500, but why stop there? Let’s aim for $1000@solana pic.twitter.com/pgFGksQFFi

Key support is seen around $185, with deeper historical support zones marked at $10 and $1.50. The bullish case remains valid while Solana holds above the $185–$200 range.

Institutional Accumulation Adds Context

Market data also points to institutional participation. According to CoinGecko, Forward Industries became Solana’s largest treasury after acquiring 6.82 million SOL, equal to 1.26% of the supply. This single holding is larger than the combined balance of the next three biggest holders, who together control about 6.11 million SOL.

The addition of large-scale buyers provides further context as Solana approaches the $250 neckline. Traders are watching whether a confirmed breakout can set the stage for the higher targets now in focus.