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- Solana (SOL) experiences a 3.1% decline in 24 hours amid decreased trading volume of 18.44%.
- A successful bounce off the ascending triangle pattern could push Solana toward $205, $225, and $268.
- Support at $160–$165 may trigger a potential rally if the price stabilises and momentum returns.
As of press time, Solana (SOL) is trading at $180, showing a 3.1% decline over the past day. The volume of trading has also decreased by 18.44%, amounting to 9.38 billion dollars. The SOL price has gone up by 0.76% over the past week.
Solana Ascending Triangle Test
Jonathan Carter highlighted that Solana is testing the top side of an ascending triangle model at the daily level. With a successful bounce off this level, a bullish breakout may be indicated. This would potentially bring the price to critical levels of 205$, 225$ and 268$, further lending positivity to the bullish scenario on Solana.
Also Read: Solana-Backed $200M Deal Marks New Era for Mercurity Fintech’s Blockchain Strategy
CoinCodeCap Trading mentioned that Solana has been experiencing a pullback in its upwards trend. When the price broke above the $160 and the $165 level, SOL immediately rose to the $200 mark before pulling back to locate a support area. The correction was anticipated and will not alter the longer-term bullish cycle in the short-term and medium-term. Relative Strength Index (RSI) is neutral, which indicates that SOL in this case is both overbought and oversold.
Although the RSI is neutral, there is a slight decrease in the momentum indicated on the MACD histogram. This indicates bullish impetus is weakening but it has not turned. It is recommended that the traders monitor the $160 and $165 support area, and re-enter the position when the price is stabilised. A rebound in this area would probably have been followed by a reverse higher resistance.
Solana Resistance and Support Levels
Solana has significant resistance at the price point of $180, then at $200 and $223, and finally at the $260 mark. In the meantime, the main supports are at the levels of $165, $160, and $140. Once SOL maintains the target range of $160 and $165, it may set the grounds towards a possible rally. Any break above the $223 could indicate that the bullish movement is still present and could continue moving up.
The cryptocurrency is in good shape heading into the next market cycle with sound institutional support and an expanding, vibrant ecosystem. Once this zone of support of $160 and $165 works again, that is the reason that Solana will start again with momentum and will achieve the next targets. Investors will be keen to see signals that show signs of stabilisation, and that will determine whether the uptrend will extend or a deeper pullback will be witnessed.
Also Read: Solana (SOL) Price at $196: Will Wave 4 Lead to a Major Breakout?
