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- Solana’s price dropped 3.2% in 24 hours, but trading volume rose by 7.15%, reaching $6.09 billion.
- Analysts see $180 as key resistance; maintaining it could push Solana toward resistance levels of $223 and $260.
- Neutral RSI signals stable momentum, with potential for a rebound as the market stabilizes.
Solana (SOL) is currently trading at $175 with a 3.2% decline in 24 hours. Nevertheless, its trading volume has increased by 7.15% and stands at $6.09 billion. The coin has dropped in price by 7.38% over the last week, leading to a lot of uncertainty about its future.
Source: CoinMarketCap
Crypto analyst Batman highlighted that the Solana chart is forming a strong and positive technical setup up implying a positive market structure and growth opportunity.
The resistance has turned to support and the coin is nearing a bullish trendline. Batman thinks it may give some traders who have lost in the earlier rallies.
Source: X
$180 Resistance Could Boost Bullish Trend
Moreover, another analyst, CoinCodeCap Trading, mentioned that the current price action in Solana. They consider the current correction as an uptrend. Solana topped out above resistance at $160-$165, hitting above $200 and then retreated. This is regarded as a normal reversal to an uptrend.
The level at $180 has become significant. If Solana can maintain this price, it may gain resistance above $223 and $260. A break above the 180 level would be another indicator of increased bullishness.
Source: X
Also Read: Solana (SOL) Eyes a Major Rebound: Is a $230 Breakout Imminent?
The Relative Strength Index (RSI) of Solana is neutral. This means that the coin has a stable momentum but it is cooling a bit. According to analysts, Solana may regain its upward trend after the market cools off.
The fundamentals of Solana are also good. The platform is proving to have potential in the Real World Asset (RWA) market. Analysts anticipate further expansion due to institutional adoption, making Solana look even more optimistic.
Open Interest Falls, Solana Holds Steady
Data provided by CoinGlass shows that the trading volume increased by 11.16 percent to $23.76 billion. The Open Interest fell by 4.29% to $10.26 billion. The SOL OI-Weighted Funding Rate stands at 0.0029%.
Source: CoinGlass
In case Solana mantined this support level, the coin will continue to break higher resistance values. Any indication of bullish signals at $180 will provide analysts with more upside confirmations.
However, Solana has recently seen a dip, it has good structural support in the range of $162. This price will be instrumental in the next stage of its price development. If the support holds, Solana is capable of an upwards move to resistance at $223 and above.
Also Read: XRP Now Accepted as Collateral on Gemini in Major Crypto Trading Shake-Up
