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Solana (SOL) is currently testing the $155–$160 support zone after being rejected at $206. If this level holds, a rebound toward $180+ is possible.
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.
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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.
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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.
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.
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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.
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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.
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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.
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