- Analysts identify $185–$188 as a key support zone before a potential rally toward $360.
- Solana has formed an ascending triangle since April, with resistance near $210 and strong market liquidity.
- $30M short liquidations and ETF progress add momentum to Solana’s bullish outlook.
Solana (SOL) has extended its weekly gains, maintaining a steady uptrend since early August and holding above important support levels. Analysts indicate the asset may present a final buy-the-dip opportunity before advancing toward $360, supported by sustained liquidity and strength in the derivatives market.
Price Structure and Support Levels
According to an analysis prepared by Ali Charts, Solana has maintained an ascending triangle pattern since April. The price has formed higher lows while testing a strong resistance level near $210.
Fibonacci retracement levels show support zones at $178, $151, and $139. The asset began its latest rally around $175 on August 8, crossing $200 by August 13 and peaking above $210 a day later. A pullback then brought the price below $190 before it recovered to current levels.
According to Crypto VIP Signal, traders may consider adding positions in the $185–$188 support range if the price holds there. A breakout above resistance could drive movement toward higher targets.
Market Activity and Outlook
Open interest data from Coinglass shows a steady rise since December, moving in line with price increases. Levels remained near records as SOL approached $250 in July before rebounding after a brief decline in April. Analysts note that past dips during strong uptrends have often been followed by extended rallies.
Derivatives market metrics show persistent buying pressure, with open interest staying elevated during price gains. The recent move to $209 triggered more than $30 million in short liquidations within 24 hours, reducing selling pressure and allowing price advances to continue.
ETF-related developments could also influence market momentum. Reports indicate Solana ETFs are progressing toward approval, which could attract institutional investment. If support at $185 holds and the $215–$220 range is reclaimed, analysts see potential for the price to target the $230–$250 area before advancing toward $360.
