Solana Price Prediction: SOL Breaks Key Resistance Level, Inverse Head and Shoulders Pattern "Bullish" Target Soars to 220 USD

After successfully breaking through the key resistance level around 180 dollars last Friday, the price of Solana (SOL) continues to consolidate around 185 dollars. As of today (28), the Asian early session reports a price of 189 dollars, with the target of its head and shoulders pattern being a breakthrough at 220 dollars.

This breakthrough makes it possible for SOL to surge towards the next resistance targets of $192 (initial barrier) and $205 (important resistance area).

SOL price is expected to break through 192 USD after the network upgrade

SOL seems to be preparing its infrastructure for the anticipated expansion. On July 22, the Solana network increased its block capacity by 20%, reaching a limit of 60 million computing units (CU).

Mert Mumtaz, co-founder and CEO of Helius (a platform providing infrastructure and development tools for Solana), explained through X that this upgrade enables the network to process more transactions within each block.

Recently, the DeFi Development Corp listed on Nasdaq announced that its treasury reserves only need to purchase tokens once to reach 1 million SOL (worth $187 million).

The Bitcoin mining company Bit Mining also revealed on July 10 that it plans to raise $200 million to $300 million to build a Solana vault.

Cryptocurrency analysts believe that at this level of institutional accumulation, once SOL breaks through the $200 threshold, there is very little resistance between that level and $250.

SOL Price Analysis: Inverse H&S Pattern Indicates Bullish Reversal at $220

The SOL/USDT daily chart shows that an inverted head and shoulders pattern is forming, which is a recognized bullish reversal pattern.

This pattern shows clear left shoulder, head, and the forming right shoulder components, indicating that if the price closes above the neckline area, an upward breakout may occur, corresponding to the $200-205 area.

The RSI reading is 67.04, slightly below the overbought level of 70, indicating continued strength without excessive buying pressure.

If SOL maintains above the support level of 180 USD and achieves a convincing neckline breakout, the measured target is expected to be around 223 USD, representing the completion of the inverted head and shoulders pattern.

(Source: Trading View)