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- Solana may target $160-$167 but carries risk; a stop loss at $136 is suggested to mitigate potential losses.
- Despite breakout potential, Solana’s trends remain bearish across short, medium, and long-term timeframes.
- A breakout above the $154 resistance is crucial for confirming a bullish trend and avoiding a sideways market.
Solana (SOL) has been generating significant buzz, with analysts predicting a potential bullish breakout. CoinCodeCap Trading highlighted that SOL would shift to a price range between $160 and $167, resulting in a 10% increase. Nevertheless, they warn about an increased risk of such an arrangement and suggest that a stop loss should be put at $136 to mitigate possible losses.
The levels of support are observed at $140 and $125, but the resistance is pegged at $160 or $180. These levels will help in determining the next step of SOL. The short-term, medium-term, and long-term trends in Solana are also bearish despite the breakout formation. The breakout can only be sustained with a huge trend reversal.
Source: X
CoinGlass data suggest that the trading volume is down by 28.48%, reaching the level of $8.18 billion. The open interest increased by 2.24% to an amount of $6.77 billion. This indicates certain positive market action despite the reduction in the trade volume. The SOL OI-Weighted Funding Rate stands at -0.0058%, which indicates a moderate negative market mood.
Source: CoinGlass
Solana Faces Sideways Market Risk
More Crypto Online revealed that SOL has to break over the $154 resistance line indicated by a green line to establish a bullish trend. This breakout may be followed by another promising breakout, with the bulls taking the lead. When this occurs, Solana will be in a greater bull run.
Solana could keep trading in the range until a clear breakout exists. Further bullish impetus could be seen in case the $154 level is broken, yet the market could be hesitant to remain bearish unless that critical point is exceeded.
Source: X
The current price behavior of SOL has an opportunity, but traders need to remain cautious. An upward breakout to over $154 will be necessary to seal the change of trend. The trend is likely to remain downward until this occurs. Solana is still in a bearish condition, but if the resistance levels are breached, the sideways market might be maintained. A decisive break could be needed to augment further upward action.
