Solana’s Bull Run: Will It Smash Through $160? Critical Resistance Levels & Market Outlook
Solana rockets toward $160—can it break through or will resistance hold? Here’s what traders need to watch.
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- Solana has seen a 1.34% rise in the last 24 hours, with trading volume reaching $4.18 billion.
- The recent breakout from the Channel Down pattern suggests a 10% potential gain, targeting $160–$167.
- The RSI is neutral at 53.62, suggesting room for price movement, while the MACD indicates bullish momentum.
AS of press time, solana is trading at $153, reflecting a 1.34% increase over the past 24 hours. The trading volume for the same period stands at $4.18 billion, showing a 2.69% uptick. Over the last 7 days, the Solana coin has increased by 2.4%.
Source: CoinMarketCap
CoinCodeCap trading highlighted that Solana (SOL) recently broke through a Channel Down pattern, showing a possible short-term reversal. This configuration indicates a potential 10 percent gain, and the targets are in a range between $160 and $167. The long-term trend is bearish, even though there is a positive short-term outlook. The traders should set a stop loss order at $136 to mitigate risks.
The support area is between $140 and $125, and the resistance area is between $160 and $180. The trend is up in the short term and is bullish, with strong momentum behind it, but the outlook still remains bearish in the medium to longer term.
Source: X
Solana’s Price Fluctuations Ahead
Solana has a Relative Strength Index (RSI) of 53.62, which shows a neutral market situation. It implies that both upward and downward price dynamics are possible. A reading close to 50 indicates that Solana is neither overbought nor oversold, indicating that currently, the market is in balance. Such neutrality exposes Solana to fluctuations in its prices, without a definite direction.
The MACD (Moving Average Convergence Divergence) indicator is at 1.01. The MACD line is above the signal line, indicating the presence of bullish momentum. It is a bullish indicator in favor of traders, implying that Solana might rise further as long as this bullish mood prevails in the market.
Source: TradingView
Short-Term Resistance Levels
According to BitGuru, Solana is starting to move out of an intense decline to $125.99 after peaking at $168.49. The given cryptocurrency is developing a bullish inverse head and shoulders structure, indicating that the price might grow. SOL is now experiencing short-term resistance levels of $152.50 and $157.50, which will become important levels to monitor in the next few days.
Source: X
According to CoinGlass data, the volume is declining by 3.63%, totalling at $11.82 billion, and open interest has increased by 4.18% to $7.16 billion. The SOL OI-weighted funding rate is 0.0035% in the market which is a slight sign of optimism.
Source: CoinGlass
The price of SOL points to a bullish short-term perspective. Nevertheless, traders must be cautious because the medium to long-term outlook is still bearish. Market data and close monitoring of support and resistance levels will also play an important role in taking risks and the potential gains.
