Solana Hits Wall at Resistance—Analyst Urges Crypto Traders to ’Wait It Out’
Solana’s latest rally slams into a stubborn price ceiling, leaving traders grinding their teeth. One market strategist cuts through the noise with a blunt prescription: patience beats panic.
Key pressure points: The SOL/USD pair faces heavy sell orders near $180—a level that’s flipped from support to resistance three times since March. On-chain data shows whales dumping holdings after a 40% run-up, because nothing says ’healthy correction’ like insiders bailing at the first sign of turbulence.
Silver lining? Network activity hasn’t cratered. Daily active addresses hover near 950K, proving retail still loves those cheap NFT mints—even if Wall Street’s algo-traders treat SOL like a meme stock with a MBA.
Wait For More Defined Trends
In a TradingView post, crypto analyst SiDec explained the current situation surrounding the Solana price, warning investors to not be in a hurry to enter into the coin. They points out that at this level, where the solana price has hit resistance, it presents a lot of risk for those rushing to get into the market.
As explained, $175-$183 are historical resistance zones for the altcoin, so it is no surprise that investors are choosing these levels to exit after the recent market dump. Additionally, smart money is also looking for liquidity at these levels, and the solana price is prone to false breakouts due to this development.
When it comes to trading Solana, the crypto analyst explains that investors must wait for one of two things to happen. Either there is a pullback in the Solana price and it falls toward a “confluence-rich support zone” or wait for a clean breakout above the resistance at $183, as well as a retest and confirmation.
With the current trend, the analyst identified the two key zones for the Solana price now. The first lies at $179.85, which was recently tested, and then $180.52, which is yet to be tested. The latter, at $180.52, holds the key as a break above this level WOULD be the confirmation needed for a strong bullish continuation.
Solana Price Completes Elliot Wave Count
Another interesting development for the Solana price that the crypto analyst points out is the fact that the altcoin has completed a 5-wave sequence. The Elliot Wave Theory comes in only five waves and with the completion, it could mean that the bull rally is over for the Solana price. The next thing that could happen from here is that the price continues to correct, before confirmation leads to a bullish continuation.
The formation of the Fib Speed Fan pattern, as pointed out by the analyst, also suggests that the price could correct further from here. “The 0.618 Fib Speed Fan — drawn from the all-time high at $295.83 to the swing low at $95.26 — aligns perfectly with this resistance zone, adding more weight to the idea of a potential rejection or pause,” the analyst wrote.
Given these developments, the crypto analyst has preferred possible entry points for long ad short positions. For bulls going long, the $165.42-$164.25 level could offer opportunity. While for short traders, the best setup shows a reversal play and entry at $200.
