- Solana forms a bullish double bottom near $141.19, with key support holding above $150.
- A breakout above $160 could trigger a rapid move toward $170–$183, analysts say.
- Exchange outflows and positive MACD suggest reduced selling pressure and building momentum.
After recovering from last week’s decline, Solana is approaching a major technical level. Traders are monitoring the $160 resistance area, where strong selling has previously blocked upward moves. If SOL breaks through this zone, analysts believe the price could recover quickly toward recent highs. SOL is currently trading at $155.94.
Bullish Structure Reinforced by Double Bottom and Momentum Indicators
According to analysis prepared by More Crypto Online, Solana has maintained support between $143.95 and $148.28 despite recent volatility. A double bottom pattern has also developed around the $141.19 support level. This formation is often associated with a bullish reversal, especially if followed by rising volume.
Rose Premium Signals also noted that this setup is encouraging for buyers, particularly if SOL holds above $150. If price continues to close above the $152 level, it may confirm the structure and trigger renewed interest from market participants. A successful move above $159.17 could then target short-term resistance near $170.
In addition, the 4-hour chart shows the 12-period exponential moving average has crossed above the 26-period EMA. Parabolic SAR dots remain below the current price, indicating that short-term buying pressure is still present.
Exchange Outflows and Reduced Selling Pressure Support Higher Price Action
According to data provided by Glassnode, Solana has experienced sustained outflows from exchanges over the past 30 days. This trend suggests that many holders are moving their assets off trading platforms, reducing potential selling pressure in the short term.
On-chain indicators align with this technical outlook. The MACD remains in positive territory, which supports a continuation of upward momentum. Traders are now closely watching whether Solana can break through the resistance area around $160.
As noted by Jeremy, a crypto analyst via X, “SOL is finally breaking out from this downtrend consolidation.” If confirmed, a clean break above the $160 zone could set the stage for a swift return toward the $183 range.
