Solana Bounces Off $168 Support – Here’s Why Traders Are Betting on the Next Leg Up
Solana’s price action just flashed a textbook bullish reversal—rebounding hard from the $168 support level as traders pile into what could be the start of a major uptrend.
Key drivers: Network activity spikes while ETH competitors stumble, and SOL’s liquidity profile tightens ahead of institutional product launches. Meme coin degenerates keep the gas fees flowing, naturally.
Watch the $195 resistance level next. Break that, and we’re likely racing toward all-time highs—just in time for another round of ’this time it’s different’ from crypto bros who survived the last cycle.
Solana Rebound Sparks Hope For A Renewed Rally
GemXBT has observed that SOL is currently trading above the 5-day and 10-day moving averages, which is a key indicator of bullish price action. When an asset’s price remains above these moving averages, it suggests that the market sentiment is positive and that the asset could continue to trend upward.
Additionally, a bullish crossover in the MACD has been noted, which further confirms upward momentum. The MACD crossover occurs when the MACD line crosses above the signal line. This is a widely recognized technical signal that suggests the market may continue to favor the bulls, supporting the case for more gains in SOL’s price.
At the same time, the RSI is approaching neutral levels, suggesting that there is still room for movement in either direction and that the indicator is not yet in overbought or oversold territory. This neutral reading gives Solana the chance to build on its renewed bullish momentum without facing immediate resistance from overbought conditions.
However, the key resistance for SOL is NEAR the $180 level, which could present a hurdle for the ongoing rally. This price point will likely be an area where sellers may re-enter the market, potentially halting or slowing down the upward performance.
A Broadening Wedge On The SOL’s 4-Hour Chart
Whales_Crypto_Trading recently shared an insightful analysis on X, noting that Solana is approaching a key breakout point from a broadening wedge formation on the 4-hour chart. This chart pattern, characterized by fluctuating highs and lows, suggests that the market is experiencing increased volatility and that a decisive price movement is imminent.
The broadening wedge typically precedes a breakout, and Whales_Crypto_Trading highlights that the likelihood of an upward breakout is growing. If the price breaks above the upper boundary of the wedge, it could signal the start of a strong rally.
When this happens, the analyst suggests that it might trigger a significant uptrend, pushing the price toward key resistance levels at $215, $228, $243, and $265. These levels represent crucial targets where the price may face challenges, but a successful breach of these zones WOULD pave the way for further upward movement.
