- Solana nears $172 resistance, with technicals pointing to a possible bullish breakout.
- Strong support at $165–$167 and rising RSI suggest increasing buying pressure on SOL.
- A break above $175 could liquidate $96M in shorts, boosting momentum toward $200+.
Solana (SOL) is trading at $169.60 and is approaching a critical resistance near the $172 mark. A breakout above this level could trigger a strong bullish move. Technical indicators point to growing upward momentum, while on-chain metrics suggest the possibility of further price advances.
Technical Indicators Signal Bullish Setup
According to analysis prepared by GemXbt on X, Solana is testing the 20-day moving average with growing signs of a reversal. The MACD line has crossed above the signal line, which usually reflects increasing buying activity. The RSI currently stands at 64.59, indicating strong interest from buyers but still below overbought levels.
A support zone has formed at $165–$167, backed by 1.22 times the normal trading volume. Analysts from CoinMarketCap noted that Solana is forming a consolidation pattern just above this support range. This pattern is often linked to bullish continuation if the asset breaks above resistance levels.
The Bollinger Bands are tightening, and the ADX sits at 2.3, confirming a non-trending environment. Analysts recommend long entries above $172, targeting $176 and $182, with stop-loss levels near $161 in case of downside volatility.
Volume Trends and Market Dynamics Support Bullish Case
As per data by Messari and DefiLlama, Solana’s network activity has grown, helping to support its current price zone. Solana’s stablecoin market cap increased by 145.2% quarter-over-quarter to reach $12.5 billion. This positions Solana as the third-largest blockchain by stablecoin value.
Meanwhile, derivatives data from Coinglass shows that SOL futures volumes remain strong at $6.5 billion. If SOL hits $175, more than $96 million in short positions could be liquidated, according to CW8900.
This could accelerate price movement if resistance is breached. A continued rally above $172 could clear the way toward the $200 level. According to Crypto Spaces, this would mark the beginning of a new upward move toward $350.
