Solana Teeters on the Edge of a Historic Breakout—New ATH in Sight?

Solana’s price action hints at a coiled spring—traders are betting big on a potential surge past previous highs. But here’s the catch: it all hinges on whether buyers can bulldoze through key resistance levels.

Market sentiment flips between greed and skepticism as SOL dances near make-or-break territory. Another ’crypto renaissance’ or just another overhyped altcoin waiting to disappoint? Only volume and volatility will tell.

Meanwhile, Wall Street ’experts’ still can’t decide if blockchain is a revolution or a Ponzi scheme. Some things never change.

Source: SOL/USDT on TradingView

In a recent report, it was highlighted that SOL saw capital inflows. This was corroborated by the price chart. The CMF indicator saw positive capital inflows. And, the OBV noted that despite the rejection at resistance, the selling pressure did not get overwhelming.

The moving averages also underlined bullish momentum. In fact, AMBCrypto found that buyers could soon have the strength to drive the price beyond the $180-level.

Solana bulls trying to seize control of the market?

Source: CryptoQuant

The spot average order size can be calculated by dividing the total trading volume by the number of trades executed. A jump in whale activity, when high volume and low trade counts occur, indicates a hike in whale participation.

If this occurs NEAR significant long-term demand zones, it can denote accumulation. On the other hand, whale activity during a rally or when the price reaches significant milestones could allude to selling from large holders.

Over the past couple of weeks, whale activity has not spiked higher, despite the bulls’ insistent efforts to breach $180. Hence, whales may be likely anticipating further price gains.

Source: CryptoQuant

Finally, the spot taker CVD has been neutral for most of May. On 25 May, the metric flashed the signal that taker buy volume was dominant. This was just a start though, and a sustained trend of taker CVD being buyer dominant WOULD be necessary to indicate that a strong rally will follow.

The last time the metric turned buyer dominant was in mid-November, when Solana climbed above the same $180-level. This followed a nine-month range formation under this critical resistance.