Solana Forms Bullish Pennant With $169 Target as Price Holds Above Key $147.37 Level

Solana forms a bullish pennant with a breakout target of $169 as price holds above $147.37 support.

CME futures volume hits record 1.75M contracts, signaling rising institutional interest in Solana.

Over $20M in short liquidations added momentum, pushing SOL toward key resistance at $152.60.

Solana is forming a bullish pennant chart pattern on lower time frames (LTFs), signaling the potential for an extended rally. The measured move from this formation places the first price target near $169. Market structure, volume trends, and institutional participation are aligning in support of this breakout scenario, with the potential for higher gains beyond the initial target.

Bullish Momentum Builds as Technical Breakout Nears

According to analysis prepared by Curb Sol, Solana is exhibiting a bullish pennant on the short-term chart, suggesting continued upside. The pattern reflects a consolidation phase after a sharp price rally, typically followed by another leg higher

A confirmed breakout from this structure projects a measured move toward $169. Solana recently reclaimed the $145 resistance zone, a level previously identified by analysts as crucial for bullish continuation

Source: CryptoAM17(X)

CryptoAM17 noted that a break above this resistance could open paths toward $165 and $179. The price is currently holding above $147.37, showing strength near previous breakdown zones.

Institutional Activity and Derivatives Volume Support the Setup

Data from Glassnode reports that CME futures volume for Solana has reached 1.75 million contracts, marking the highest level recorded for the token. Analysts believe this rising participation reflects increasing institutional interest and may contribute to spot price momentum

The surge follows CME’s launch of SOL futures in March, with trading activity accelerating sharply in recent weeks. Open interest across Solana derivatives markets now stands above $6 billion, according to Coinglass. Meanwhile, the token saw over $20 million in short positions liquidated, as reported by SolanaFloor

Source: SolanaFloor(X)

These liquidations added buying pressure that pushed prices higher and disrupted bearish positions. If Solana maintains its current momentum and breaks above $152.60, technical models suggest a continuation toward $165.80 and possibly the $169 measured target from the bullish pennant pattern.

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