Solana Smashes Through Resistance—$240 Target Now in Play After Monthly Candle Close
Solana’s monthly candle just bulldozed key resistance levels, sparking whispers of a $240 price target. Traders are scrambling as SOL flips former sell zones into support—classic bull market behavior.
Technical indicators scream momentum, but let’s not forget crypto’s favorite party trick: ripping faces before liquidating overleveraged degens. The 20% monthly gain looks juicy... until the next ’macro headwind’ excuse tanks everything.
Can SOL sustain the rally? The charts say yes. The hedge funds eyeing your stop losses say maybe not. Either way, grab popcorn—this show’s just getting started.
Solana At A Pivotal Level Amid Market Uncertainty
Solana is currently trading at a critical level that could serve as a major pivot point for either a strong bullish recovery or a continuation of the broader bearish trend. While global tensions and ongoing trade conflicts between the U.S. and China continue to weigh on investor sentiment, recent market behavior hints at a potential bounce. The broader crypto market has shown signs of resilience, and Solana has been one of the standout performers.
Since early April, Solana has climbed over 58%, recovering significantly from its local low near $95. This upward movement has helped shift short-term sentiment, but the price now faces a key test at the $160 resistance level. A clean break and hold above this zone could open the door for a larger rally, potentially taking SOL toward its previous highs.
Jelle’s optimistic analysis highlights that Solana’s latest monthly candle is showing strength. According to Jelle, SOL took out all the consolidation lows and still managed to close the month back above them—typically a bullish sign. This sets the stage for a possible retest of the $240 level, a target that aligns with historical resistance and previous price action.
However, failure to clear $160 could lead to renewed selling pressure, especially if global macro conditions worsen. For now, bulls must defend current levels and aim for a breakout to maintain momentum.
Crucial Test At $160 Resistance
Solana (SOL) is currently trading at $147 after several days of struggling to break above the recent high of $157. Bulls have maintained control in the short term, but momentum appears to be fading as price action continues to stall below the key $160 resistance zone. This level remains a crucial barrier that needs to be reclaimed decisively to confirm a continuation of the uptrend.
To sustain the bullish structure and avoid a deeper retracement, SOL must push through $160 and target the $180 level next. A successful move above this range would not only restore confidence but could also set the stage for a stronger recovery in the broader altcoin market.
However, the longer Solana fails to break higher, the greater the risk of a pullback. If bulls lose momentum and selling pressure builds, a correction into the $130–$120 zone becomes increasingly likely. This area has previously served as a key demand zone and could offer support if tested again.
For now, all eyes are on SOL’s ability to reclaim $160. The next few sessions will be critical in determining whether Solana resumes its upward trajectory or enters a consolidation and correction phase.
Featured image from Dall-E, chart from TradingView
