Solana Defies Market Pressure: Key Support Holds Firm as Analysts Eye $360 Surge

Solana isn't just holding—it's gearing up for a potential moonshot. After weathering recent market turbulence, SOL's price has cemented a critical support level that could springboard it toward $360, according to bullish analysts.

Why the optimism? The network's blistering transaction speeds and NFT dominance keep developers hooked—even if Wall Street still thinks 'blockchain' is just a buzzword for PowerPoint slides.

Key factors driving the rally:

- Institutional inflows quietly accumulating since July

- Memecoin degens flocking back to Solana after Ethereum's gas fees hit ludicrous mode

- A futures market positioning that screams 'FOMO incoming'

But let's be real: if SOL stumbles below $180, this narrative flips faster than a crypto influencer shilling the next '100x gem.' Trade accordingly.

The Solana price maintained its uptrend through August, holding above key support levels. Analysts said the token’s structure pointed to a potential rally toward $360 if buyers defended the $185–$188 range and resistance near $210 was reclaimed.

This scenario looks more likely now that the coin has surpassed the $188 level and is holding above $190 since earlier today.

Solana Price Structure Shows Critical Support Levels

Since April, the solana price had formed an ascending triangle pattern, a setup marked by higher lows and resistance clustered near $210.

Ascending triangles are generally viewed as continuation patterns, signaling that an established trend could resume if resistance breaks. Chart data showed support zones around $178, $151, and $139.

The most recent rally began NEAR $175 in early August, with the token climbing above $200 by mid-month and briefly pushing over $210.

A pullback then brought the solana price below $190 before recovering to its current range at the time of writing.

Market analysts said buyers could look to the $185–$188 range for signs of stability. If this zone held, momentum could strengthen for another attempt at the $210 barrier.

A decisive breakout above resistance could open the way toward higher targets, including the $230–$250 range.

Derivatives Data Supported Bullish Outlook

Derivatives activity reinforced the bullish setup. Data from CoinGlass showed open interest had increased steadily since December, tracking the broader price trend.

Open interest reflects the number of unsettled futures contracts, and rising levels can indicate greater market participation.

In July, when the Solana price approached $250, open interest held near record highs. The trend briefly weakened in April but quickly resumed alongside the recovery.

Analysts noted that previous dips during strong uptrends had often been followed by extended rallies.

Short liquidations provided another tailwind. A surge to $209 triggered more than $30 Million in liquidations within one day.

Short liquidations occur when traders betting against the market are forced to exit positions, which adds buying pressure and reduces the weight of sell orders.

This often creates a brief window where upward momentum accelerates, as was seen during the move.

The forced closure of bearish positions also removed a LAYER of resistance that had capped earlier rallies.

With fewer short positions in place, the Solana price had room to recover more smoothly, limiting immediate downside risks.

Analysts said this event reinforced the broader uptrend by signaling that market participants betting against SOL faced increasing pressure.

At press time, derivatives data showed persistent demand, with open interest remaining elevated. Analysts said this reflected sustained bullish positioning even as the market consolidated.

ETF Progress Could Strengthen Momentum

Beyond technical factors, developments surrounding exchange-traded funds added another layer to the outlook.

Reports indicated that Solana-linked ETFs were advancing toward regulatory approval. If confirmed, such products could attract institutional flows, similar to what occurred with Bitcoin and ethereum ETFs.

Analysts said institutional demand through ETFs could provide deeper liquidity and reinforce market stability.

Combined with the current technical setup, this backdrop supported the view that Solana could extend its uptrend once resistance was broken.

Looking ahead, analysts identified two key thresholds. If the $185 support range held, confidence in the bullish trend WOULD increase.

A MOVE above the $215–$220 area could validate a continuation pattern, with targets between $230 and $250. Surpassing those levels would bring the $360 objective into focus.