- $SOL approaches its ascending trendline near $185–$190, showing signs of short-term recovery with potential upward movement toward $220 resistance.
- Breaking above $220 may trigger continuation toward $240–$260, reflecting Solana’s ongoing channel momentum and bullish price behavior.
- Grayscale labels $SOL undervalued, noting strong on-chain activity, operational scalability, and institutional holdings of 2.5% of total supply.
Solana ($SOL) is currently retesting a key ascending trendline which could create a short-term bullish move. Technically and fundamentally, indicators hint that it could be getting ready for upward progress again. Traders and analysts are examining $SOL with eyes fully on price action and positioning in the market.
Technical Observations and Trendline Support
$SOL is positioned near the lower boundary of its ascending channel, a support that has repeatedly held in recent months. CryptoPulse reports, “$SOL is currently retesting the lower ascending channel line, a support that has held multiple times over the last few months.” The trendline has functioned as a strong demand zone, preventing extended price declines.
Recent candlestick structures show minor recovery attempts from the trendline. A sharp wick down to approximately $160 followed by recovery suggests buyers are defending this support. The latest candle shows a small green body, indicating a potential short-term bounce forming at current levels.
The $185–$190 level is key for trade. If this level is held, $SOL may retest the following resistance zone. Technical signals indicate the potential for continued movement into the $220 area, if the trendline continues to hold support.
Resistance Levels and Potential Price Targets
$SOL faces a key resistance around $220, previously unbroken in September and October. According to CryptoPulse, “Price failed to sustain above this level in the previous attempts, making it a critical short-term barrier.” A clear breakout above the $220 could result in another aggressive bullish move.
If $SOL is able to break above $220, it can continue higher in the upper channel to the $240–$260 resistance areas. You will continue to be very mindful of volume trends and follow-through candles to confirm price strength and any breakout. Conversely, if it does not hold above the trendline, it is likely to test the deeper correction areas at $160–$150.
Short-term traders will want to pay close attention to daily candle closes on the trendline and the $220 resistance. The price action and momentum indicators will be very important to help determine the next move. The ascending channel still provides a structure for another bullish continuation.
Market Fundamentals and Institutional Interest
Grayscale recently labeled Solana as undervalued, emphasizing strong on-chain fundamentals. CryptosRus reports, “The report emphasizes Solana’s strong on-chain fundamentals, deemed necessary for its future growth, positioning it as a leading blockchain.” Core fundamentals include network fees, operational scalability, and robust on-chain applications.
Grayscale notes that $SOL’s market capitalization does not fully reflect its network’s strength compared to other Layer-1 blockchains. Nine public companies currently hold 2.5% of Solana’s total supply, reflecting institutional confidence. These holdings underline growing recognition of Solana’s operational and economic framework.
Strong fundamentals combined with technical support may create favorable conditions for $SOL. Investors and traders may watch trendline retests and resistance levels closely while factoring in institutional accumulation. Market participants continue to assess Solana’s price movements within the ascending channel.
