Solana (SOL) Tests Key Support at $155–$160, Potential Rebound Toward $180+ If Levels Hold

• SOL tests $155–$160 support after $206 rejection; rebound toward $180+ possible if it holds.

• Price consolidation forms triangle; breakout above $172 could target $182–$192 range.

• Technical indicators show bullish momentum, with rising MAs and favorable long/short ratios.

Solana (SOL) is testing critical support levels after a recent price rejection at $206. Traders are watching for potential rebounds or further declines.

What is the Current Price Action for Solana (SOL)?

Solana (SOL) was recently rejected at the $206 resistance level and is now undergoing a price correction. The token is currently testing the $155–$160 support zone, an area of interest for traders. A dip below this range may occur to collect liquidity, but a rebound toward $180+ remains possible if the zone holds.

Price Action and Technical Patterns

SOL reached a local high of $206.48 after forming a double bottom and rising from a previous support at $162. This move represented a 29.90% increase from the earlier consolidation phase. However, selling pressure at $206 triggered a sharp decline, bringing the price back near the $160 region.

SOL got rejected at $206 and is now pulling back. The $155–$160 zone is being tested as support; price may dip slightly to grab liquidity. If that zone holds, SOL could bounce back toward $180+ in the short term.

According to an analysis prepared by BitGuru, “The $155–$160 zone is now being tested as support. If this level holds, a short-term rebound toward $180+ is likely.” SOL attempted to bounce, reaching $169.32 before facing resistance around $180, forming short-term lower highs in the process.

At present, the price is consolidating around $163.86. The hourly chart shows a contracting triangle with resistance at $168. A breakout above $172 could lead to further gains, possibly toward $182 and $192, depending on volume strength.

Market Sentiment and Indicators

SOL is trading at $170.13, with a 3.77% increase over the past 24 hours. Its market cap rose to $91.72 billion, showing a 3.98% gain. The volume-to-market cap ratio stands at 4.19%, indicating moderate activity. Daily trading volume declined by 18.82% to $3.93 billion.

According to an observation by Gemxbt, both the 5MA and 10MA are trending upward, signaling bullish momentum. The RSI is above 50 but nearing overbought levels, while the MACD shows a bullish crossover. Analysts are watching $172 closely, as a sustained move above this could confirm a breakout.

Derivatives market data shows $17.05 billion in volume and rising open interest, supporting ongoing trader participation. According to Binance data, long/short ratios remain in favor of longs, suggesting a positive bias among top traders.

Frequently Asked Questions

What should traders watch for in Solana’s price action?

Traders should watch for the $155–$160 support zone to hold. If it does, a rebound toward $180+ is likely.

How does market sentiment affect Solana’s price?

Market sentiment can significantly impact Solana’s price. Positive sentiment may lead to upward momentum, while negative sentiment can trigger declines.

Key Takeaways

• Support Zone: The $155–$160 zone is critical for a potential rebound.
• Price Patterns: A breakout above $172 could target higher price ranges.
• Market Indicators: Bullish momentum is indicated by rising moving averages and favorable long/short ratios.

Conclusion

In summary, Solana (SOL) is currently testing crucial support levels after a rejection at $206. Traders are advised to monitor the $155–$160 zone closely, as a rebound could lead to further gains. With positive market indicators, the outlook remains cautiously optimistic.