Solana Near $176 With Bullish Signals: Will Momentum Return Above $200?

• Solana trades at $176 after a slight drop, but a strong 11.52% weekly gain suggests ongoing bullish strength.
• A breakout above $165 confirms an uptrend with $200 as the next target and support near $140 and $125.
• RSI holds at 49.40 and MACD stays flat, showing neutral momentum as traders watch for the next breakout.

As of press time, Solana is currently trading at $176, with a 0.19% drop within 24 hours. The trading volume has dropped drastically by 47.61% to $4.78 billion. Although the coin has fallen, it has increased by 11.52% in the last week. This is a positive trend supported by good technical indicators.

CoinCodeCap highlighted an upside breakout over the $165 mark and the 200-period simple moving average. This breakout was a channel-down pattern indicating the confirmation of the reversal. The second resistance level is at $200. Critical support areas will be positioned at $140 and $125. These levels offer protection should there be a downward movement.

RSI Holds Neutral Zone

Relative Strength Index is now at 49.40. This is neutral reading, meaning that the market is not overbought or oversold. A rise beyond 50 might be an indication of greater strength. A decline to below 45 may indicate a loss of impetus.

The MACD indicator is stagnant. The MACD line and the signal line are both at negative 0.19. The histogram is recording 0.00. This is an indicator of stagnant momentum. An up or down crossover might indicate the direction of this next price change.

Source: TradingView

Also Read: Solana Price Surge: Will $165 Resistance Break and Push SOL to $180?

BitGuru mentioned that Solana had started recovering strongly at the major low of $125.99.It had two significant bullish patterns going on, inverse head and shoulders and double bottom. These trends pushed the price up to $184.67. Solana is currently consolidating at $177.47 after a brief correction. With the price above $172, it can aim at $184 or $187.

Solana at Crucial Level

According to CoinGlass data, the total volume of Solana decreased by 47.46% to $14.11 billion. Open interest declined 1.94% and is currently at $9.05 billion. The OI-weighted funding rate stands at 0.0092%. This is a reflection of the bullish position taken by leveraged traders.

Source: CoinGlass

Solana is at an important level. The market is awaiting a breakout or breakdown. The price can test $200 if case volume rises and support does not break. The inability to hold at $172 may cause it to show weakness in the range of $140 to $125. Traders remain cautious as the next trend continues to unfold.

Also Read: Solana ETF Surges Past $222M in 2 Weeks—Here’s Why It’s Making Waves