Solana prepares for a launch to $185: Can it happen?

Key Points

1. Solana is retesting its breakout zone around $157, with a potential target of $185 and $220 if bullish momentum continues.

2. A cup and handle formation suggests a breakout is likely if the $166 resistance level is flipped into support.

3. Exchange outflows of $7.58 million on July 13 indicate reduced selling pressure as investors move SOL to long-term holdings.

4. Short liquidations totaled $555K compared to $71K in long liquidations, suggesting bearish traders were caught off-guard, potentially fueling further upward movement.

5. Reclaiming the $166 neckline is critical for SOL to rally toward $185 and beyond, with the $157–$166 range being a key zone to watch.