Solana has gained some momentum after the launch of the leveraged ETF. The token was making small green candlesticks after being supported near the $160 price level. However, after the launch of the leveraged ETF by Proshares, the token has made a bigger candlestick, as the bears and the bulls tussle tooth and nail. The longer wick at the bottom of the large candlestick shows that the bears are trying to pull the prices despite the overall momentum being upwards.
Is July the month for Solana?
Last year, around this time, mid-July, Solana was trading just below the $160 price level, before the bulls dominated the market and took the token past $185. The present scenario looks very familiar to what happened last year around this time, and the crypto market is expecting Solana to reciprocate its historic behavior. So, is there a bullish breakout toward $185 impending?
In order to build the case for a bullish breakout towards $185, it is essential to look at the indicators. The moving averages are converging— in particular, the 50-day MA is approaching the 200-day MA from below. If the intersection happens, there will be a golden cross –a bullish crossover, and the SOL prices could reach the above-mentioned level.
Solana price rises towards $180
A closer look at the SOL price in May 2025 could further establish the grounds for a bullish breakout. The descending broadening wedge pattern, as shown in the chart, happens when the market is shaking out weak hands during the downtrend. The expanding range shows increasing volatility and it is a clue that a breakout is coming — and it’s likely upward. However, as Solana has already broken out from the wedge, now it’s not about whether the token will go past $180; it is more of a question of when it will hit this level.
