Solana (SOL) Ripe For Price Discovery, Analyst Eyes $600 Target

Market watchers have praised the Solana (SOL) price action throughout the month. The fifth-largest cryptocurrency by market capitalization has displayed a strong performance despite the market shakeouts, recently reclaiming the $160 support level. Analysts suggest that SOL might repeat history and kickstart a rally toward a new all-time high (ATH) soon. Solana Breaks Out Of [...]

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Solana Eyes Price Surge To $220: Breaking Through This Resistance Is The Key

Solana (SOL), currently positioned as the fifth largest cryptocurrency by market capitalization, is mirroring Bitcoin’s (BTC) recent pattern of recovery, exhibiting a positive trajectory over the past couple of weeks.  Friday’s recent price spike comes on the heels of positive macroeconomic developments from the US Federal Reserve (Fed), which have had a positive impact on the broader cryptocurrency market. 7% Weekly Uptick Amid Economic News In the last 24-hour window, SOL has surged by nearly 4%, showcasing a 7% uptick over the past week. This rebound comes after SOL plummeted to the $110 mark on August 5, marked by overall market turbulence triggered by adverse economic news impacting risk assets. Contrary to the negative economic backdrop previously witnessed, the recent scenario has taken a turn for the better following a noteworthy statement by Fed Chair Jerome Powell.  Related Reading: Bitcoin Price Breaches $62,000: Market Reacts To Powells Speech In a speech delivered earlier today, Powell hinted at the likelihood of an interest rate cut by the central bank in September. While specifics regarding the magnitude of this move were not explicitly disclosed, Powell emphasized the Fed’s readiness to adjust policies to safeguard the job market from further deterioration and to ensure a smooth economic transition. “The time has come for policy to adjust,” remarked Powell during the Kansas City Fed’s annual conference in Jackson Hole, Wyoming. He emphasized the clarity of the direction for policy adjustments, highlighting that the timing and scale of rate cuts would hinge on incoming data, evolving economic forecasts, and risk evaluations. Solana Price Projection The market response to Powell’s statements has been palpable, with Bitcoin surging to the $63,000 mark at the time of reporting. Additionally, Ethereum (ETH) has seen a 4.4% upsurge to reach the $2,730 level, a height not observed since the end of July. Related Reading: Cardano Investors React To 14% ADA Price Surge To $0.37 In addition, a recent observation from crypto analyst Ali Martinez suggests that Solana may be forming an Adam & Eve pattern, hinting at a potential surge towards $164 if SOL manages to breach this resistance level.  In the event of a successful breakthrough, a substantial 33% increase towards $220 could be on the horizon. Should this projection materialize, SOL’s price would fall just shy of its previous all-time high of $259 recorded during the 2021 bull run, which peaked in November of that year.  This expected spike would also put SOL well above its annual high of $210, which was reached five months ago. In the near term, however, the SOL price must first overcome the $151 resistance wall that has prevented the token from moving higher since August 11. Should the price break through this level, it would favorably position the token to potentially retest and consolidate above its next major resistance at the $161 zone.  Featured image from DALL-E, chart from TradingView.com

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Solana-Based Memecoin Rug Pulled By McDonalds Hacker, Market Cap Plummets 98%

The crypto ecosystem has seen a surge in memecoins and their popularity over the past year. Still, the craze has ushered in a wave of scams and rug pulls targeting unsuspecting investors. The latest victim of this trend is the Solana-based GRIMACE coin, which was the subject of a rug pull. GRIMACE Surges 400% After [...]

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Solana Poised For $400-500 Upside As Analyst Spots Wave 5 Formation

Solana (SOL), one of the largest digital assets in the market by market capitalization, has been in a period of price consolidation, oscillating between the $140 and $150 price range. This period follows a significant drop that saw SOL plummet to $109 on August 5th, with a modest recovery since then.  However, despite its resurgence, [...]

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Solana Epic Bull Run Is Just Starting 10 Catalysts That Could Drive SOL To $1,000

In a major turnaround, Solana (SOL) has managed to bounce from a 6-month low of $109 to consolidate above the $150 mark in the past 24 hours, solidifying its status as one of the best performers in the market year-to-date. The recent market rally has breathed new life into Solana, but according to crypto analyst [...]

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Bullish Solana Forecast: Expert Sees SOL Reaching 50% Of ETHs Market Cap This Cycle

Solana (SOL), the fifth largest cryptocurrency in the industry, saw a notable resurgence over the weekend, in line with the broader market rally and Bitcoin’s (BTC) rebound towards the $63,000 mark for the first time in over a week.  SOLs price has successfully recovered from the losses of the past few months, surpassing the $150 [...]

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Solana Price Tipped For Explosive 1,800% Rally, Analyst Foresees $2,800 Price Target

The Solana price has experienced a significant decline, mirroring the price action of major cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC) over the past month. However, a crypto analyst has identified a significant parallel between the price movements of Ethereum in 2017 and Solana’s recent price performance. In a recent social media post, crypto analyst [...]

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Solana Primed For Massive Gains: Crypto Pundit Forecasts $600 Price Target

In recent weeks, Solana (SOL), the 5th largest cryptocurrency on the market, experienced a period of decline, hitting a two-month low of $121 on Friday. The coin’s value struggled to break above the $188 level in May, resulting in a continuous downtrend further exacerbated over the past seven days with the general markets correction.  However, [...]

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Solana (SOL) Bullish Rebound: Analysts Eye $400 as Momentum Grows

Solana (SOL) is on the verge of huge upward movement, attracting attention from both analysts and investors. Over the past week, SOL has shown a modest yet promising uptick of 2%, setting its course firmly upwards. The coin showed strong performance as it bounced back from the critical support level of $160, which indicates a […]

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Crypto Analyst Predicts Massive Solana Price Crash Using Elliott Waves

In a technical analysis, renowned crypto analyst Gert van Lagen presented an extremely bearish outlook for Solana (SOL), suggesting that its price is poised for a substantial downside move. Van Lagen’s analysis is underpinned by the widely acclaimed Elliott Wave Theory, a methodology that seeks to identify recurring patterns and cycles in market price movements. Why The Solana Price Could Crash At the core of Van Lagen’s analysis lies a dissection of Solana’s price action over the past few years. According to his assessment, the year 2021 marked the culmination of a clean Elliott Wave trend for Solana, signaling the end of a bullish cycle. This uptrend is characterized by a specific pattern of five waves, with the final wave acting as the climactic move before a reversal. Moving into 2022, Van Lagen’s analysis identifies the unfolding of the A-wave down, which he classifies as the first leg of a prolonged bear market. Crucially, this A-wave down exhibits a distinct pattern of five subwaves, aligning with the principles of the Elliott Wave Theory. The presence of these subwaves is a key indicator that the downtrend is likely to persist, as they are believed to reflect the underlying market sentiment and psychology. Related Reading: Solana-Based GameStop Tribute Token (GME) Soars 300% Following Roaring Kittys Return In 2023, Van Lagen observed the formation of the B-wave, a corrective rally within the broader bear market context. Just like the A-wave, this B-wave is composed of five subwaves, adhering to the Elliott Wave Pattern for corrective movements. The identification of this B-wave is crucial, as it suggests that the overall downtrend has not yet been fully exhausted and that further downside momentum may be forthcoming. As the analysis shifts to 2024, Van Lagen’s expectation is for the C-wave to materialize. In the Elliott Wave Framework, the C-wave is the final leg of the broader bear market cycle, and its occurrence would potentially mark the completion of the ongoing downtrend for Solana. Notably, Van Lagen’s analysis also highlights the presence of bearish divergence on the weekly Relative Strength Index (RSI), a widely used momentum oscillator. Bearish divergence occurs when the price makes higher highs while the RSI fails to confirm these highs, potentially signaling a forthcoming trend reversal or a loss of bullish momentum. Related Reading: Solana Remains Institutional Investors Favorite, YTD Flows Ramp Up To $29 Milion Van Lagen posted via X: I’m short on SOL –> ready for the next leg down. 2021: Finalized a clean Elliottwave up; 2022: A-wave down of prolonged bear market <- 5 subwaves; 2023: B-wave of prolonged bear market <- 3 subwaves; 2024: Expectation is C-wave down. Bearish divergence on the weekly RSI. Notably, the analyst refrains from specifying an exact price target. However, the blue arrow on the chart suggests that van Lagen anticipates the SOL price could plummet to approximately $13. Such a decline would represent a dramatic price crash of more than 90% from the current price level. A 50% Chance That This Will Happen In his commentary, Van Lagen acknowledged the risks associated with his short position on Solana, characterizing it as a “50/50 trade” and “ballsy.” However, he defended his decision by stating that it is backed by a “good theoretical framework” and serves as a hedge against his long positions in other assets. The analyst emphasized the importance of analyzing the isolated chart without emotion, underscoring the need for objectivity in technical analysis. Short on SOL is a 50/50 trade, ballsy, but also a hedge against my long positions. There’s good reason to do so when looking at the isolated chart without emotion. It’s a risky trade and I’m aware of it. But also backed by a good theoretical framework, he stated. While Van Lagen’s analysis presents a bearish outlook for Solana based on the Elliott Wave Theory, it is crucial to recognize that the broader crypto market often moves in tandem with Bitcoin. This correlation raises questions among other market participants. One user encapsulated this sentiment by commenting, This is really strange. You think BTC will move up in the coming weeks but SOL will move down? We are still in a market structure where big coins don’t move down that much while Bitcoin is moving up. At press time, SOL traded at $165. Featured image created with DALL·E, chart from TradingView.com

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SOL Price Soars As First-Ever Solana ETF Filing Surfaces In The US

The cryptocurrency market has taken another step towards regulated and mass investment in cryptocurrencies with the first-ever application for a Solana ETF in the US by asset manager and Bitcoin ETF issuer VanEck.  Following the approval of spot Bitcoin ETFs in January and the anticipated launch of Ethereum ETFs in July, this development marks another milestone in expanding cryptocurrency investment options for retail and institutional investors. The news of VanEck’s Solana ETF filing with the US Securities and Exchange Commission (SEC) caused a surge in the native token SOL, with its price rising nearly 8% upon disclosure by Matthew Sigel, VanEck’s head of digital asset research.  VanEck’s Confidence In Its Solana ETF Filing In a social media post, Sigel highlighted VanEcks reasons behind the filing, emphasizing Solana’s potential as a competitor to Ethereum and its ability to support various applications such as payments, trading, gaming, and social interactions. Describing Solana as open-source blockchain software designed for scalability, speed, and low costs, Sigel explained that the platform offers an enhanced user experience across multiple use cases.  Related Reading: Fears Of Bitcoin Sales By US And German Govts Are FUD, Even Bullish: Experts Sigel also cited Solana’s ability to process thousands of transactions per second at low fees and use a secure mechanism based on proof-of-history and proof-of-stake as reasons for the bold move to file the Solana ETF with the SEC on Thursday. VanEck believes that Solana’s high throughput, low fees, strong security, and vibrant community make it an attractive option for an ETF, providing investors with exposure to an innovative open-source ecosystem.  In addition, Sigel believes that the native token SOL serves as a means of payment for transaction fees and computing services on the Solana blockchain, similar to Bitcoin and Ethereum in their respective networks, suggesting that it should be classified as a commodity rather than a crypto security, thus having a strong argument for SEC approval of the Solana ETF.  Analysts Anticipate Bullish Sentiment While the news of a Solana ETF filing has generated excitement, some experts express caution. For instance, Bloomberg ETF expert James Seyffart suggests that the Solana ETF might only launch in 2025 under a new administration in the White House and SEC as the anticipated election date in the US nears, with crypto regulation as one of the main topics in the race for the White House.  In addition, market analyst Adam Cochran highlights unresolved SEC claims and Chicago Mercantile Exchange (CME) futures volume requirements in the US as potential challenges to ETF approval. Cochran further said: If this does get approved though, floodgates opened, were getting ETFs for everything and it would be a wildly bullish market for every single coin. Related Reading: Why Is The Bitcoin Price Down Today? Ultimately, the filing of a Solana ETF by VanEck sets an important precedent for the cryptocurrency market. If successful, it could pave the way for broader adoption and recognition of Solana as a valuable digital commodity, offering investors, builders, and entrepreneurs alternative opportunities. At the time of writing, SOL was trading at $147 and even reached the $150 resistance line, which would be a near-term obstacle for the token in its intentions to regain previously lost levels.  Featured image from DALL-E, chart from TradingView.com

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Solana Price Surges: Can This Bullish Setup Push SOL Beyond $300?

Solana is currently trading at $149.76, rising 2.14% over the previous 24 hours. The trading volume rose to $4.55 billion, representing a growth of 53.61%, with investor appetite making a comeback. The asset has appreciated by 0.70% over the last week, which is a steady upward trend. Technical analyst AndrewGriUK recently called out a textbook […]

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Solana Eyes $178 Breakout as Bullish Triangle and Trendline Support Signal Major Rally

Solana (SOL) continues to rise after breaking through a major resistance level and indicating strength within its existing uptrend. A formation of an ascending triangle pattern, which tends to be a positive indicator, reinforces the positive outlook. Traders and long-term investors are both watching intently in hopes of the potential for a long-term rally. If […]

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Solana (SOL) Repeats February Pattern: Analyst Predicts June Upswing

A popular crypto analyst, Charting Guy, has recently posted his take on Solana (SOL), comparing it to a significant pattern from February in a recent X post. The general price trend for all the cryptocurrencies remains pretty frustrating, and that is why we are looking at Solana from the perspective of Charting Guy. The analyst […]

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Solana Multi-Year Uptrend Holds Strong Analyst Sees SOL Breaking ATH This Year

Solana is trading at a critical level as the broader crypto market consolidates below key resistance zones. After an impressive 90% surge since early April, SOL has experienced a modest pullback, sparking speculation that this may be the final dip before a significant move higher. While many assets are struggling to maintain momentum, Solana has shown remarkable strength and resilience, bolstering bullish expectations. Related Reading: Dogecoin Momentum Fades Analyst Expects $0.213 Retest Top analyst Cas Abbe shared a technical view suggesting that the long-term bullish structure for Solana remains firmly intact. According to Abbe, last months retest of the multi-year trendline marked a pivotal moment for the asset, reinforcing support and resetting sentiment for a potential continuation. Since the bounce from that level, SOL has continued to climb steadily, and many now believe that Solana is gearing up for another leg up. With fundamentals improving and historical patterns pointing to renewed upside, the market is watching closely. A successful reclaim of nearby resistance levels could be the trigger that drives Solana back toward its previous all-time highand potentially beyond. For now, SOL holders are eyeing this consolidation phase as the calm before the storm. Solana Holds Critical Support As Market Eyes Bullish Continuation Solana is testing a crucial demand zone around the $165 level, attempting to establish a foundation for its next major move. This range has become a key battleground between bulls and bears, especially as broader market sentiment is shaped by Bitcoins struggle to push past its all-time high. With BTC stalling just below $109K, uncertainty clouds the outlook for many altcoins, including SOL. However, Solana continues to show signs of relative strength. Despite recent pullbacks, the overall trend for Solana remains bullish. According to Abbe, the assets multi-year uptrend remains intact. Last month, Solana successfully retested its long-term trendline, which Abbe believes marked the bottom of the recent correction. Since that bounce, SOL has surged over 50%, demonstrating strong investor confidence and solid underlying momentum. Abbe maintains that the $290 high seen earlier was not the final peak for Solana, projecting a new all-time high sometime in 2025. His bullish thesis is supported by improving fundamentals across the Solana ecosystem, including rising developer activity, growing DeFi participation, and increasing on-chain usage. Related Reading: Range-Bound Ethereum Sees Volatility High Timeframe Levels Hold The Key SOL Price Analysis: Holding The Line Before A Big Move Solana (SOL) is currently trading at $167.76 after a sharp rally in early May that pushed the price above both the 200-day EMA and 200-day SMA. The chart shows SOL climbing over 90% since its April low, confirming bullish momentum and renewed interest across the market. However, the price is now stalling just below the 200-day SMA at $181.03, which is acting as dynamic resistance. The key support lies near the 200-day EMA at $162.55. As long as SOL holds this level, the short-term structure remains bullish. A clean break above the $181 level would open the door for a move toward the psychological $200 mark and potentially higher. But if bears regain control and price breaks below $160, the uptrend could be in jeopardy. Related Reading: Chainlink Struggles At Key Resistance Level $10 Support Back In Focus Volume has decreased slightly since the early May breakout, hinting at possible exhaustion or consolidation before another leg. Traders are closely watching for confirmation either a breakout above $181 or a breakdown below the EMA. Featured image from Dall-E, chart from TradingView

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Solana (SOL) Price Soars: Analyst Anticipates ATH Breakout, Sets Target at $328.6

Solana (SOL) continues to showcase a trend in which investors pay higher prices over time, thus suggesting the usual sustenance of an upward trajectory in the medium-to-long term. Therefore, it is only marking the follow-through of this positive development within the currency and an increasing interest from investors to engage with it. More importantly, that […]

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SOL Price Breaks Crucial $150 Level Amid Robinhoods Solana Staking Debut In Europe

Robinhood Crypto has announced the introduction of a Solana-staking product in Europe, accompanied by a bonus program for new customers.  This development comes as the company faces increased tensions with US regulators, which could potentially lead to legal repercussions. However, the move has propelled Solana’s (SOL) price to surpass the crucial $150 level, indicating a return of bullish momentum in the market. Solana Staking And Crypto Rewards According to the announcement, Robinhood unveiled new features for its European customers. These offerings include staking, localized applications, and crypto rewards.  As part of its expansion, Robinhood has launched its first crypto-staking product exclusively for European customers. Through the platform, users can stake their Solana holdings and earn rewards with the ability to unstake their assets at any time.  Additionally, new customers can receive a 10% bonus on their net purchases during their first 30 days on the platform, with the bonus paid out in Circle’s USDC stablecoin. This initiative aims to attract new users and improve their crypto investing experience. Related Reading: Bitcoin Analyst Reveals Why $57,938 Is The Level To Watch This Week While Robinhood Crypto expands its offerings in Europe, the company faces regulatory challenges in the United States. The US Securities and Exchange Commission (SEC) has issued a Wells Notice to the exchange, indicating the staff’s recommendation for an enforcement action against the platform.  Robinhood expressed disappointment in the SEC’s decision, emphasizing their efforts to seek regulatory clarity and asserting their belief that the listed assets on their platform are not securities. Vlad Tenev, the CEO of Robinhood, revealed that the company has held over 16 meetings with the SEC. However, these interactions have been largely unsatisfactory, according to Tenev. He expressed the company’s willingness to engage with the SEC in good faith but noted the regulatory body’s lack of reciprocal efforts. SOL Bulls Eye $200 As Trading Volume Rises Solana’s native token, SOL, experienced a significant rebound in the past hour, surging from the $140 zone to its current trading price of $153. This price movement holds key significance for bullish investors as they aim to retest the $200 mark previously surpassed in March.  CoinGecko data further reveals a notable increase in SOL’s trading volume, reaching $2.7 billion in the last 24 hours, representing a 6.6% rise compared to the previous Monday’s trading session. Related Reading: Floki Inu Moment Of Glory: Analysts Forecast Explosive 200% Rally According to crypto analyst Jesse Olson, Solana has shown strength in its recent price action. Olson notes that Solana successfully hit all four downside targets and exhibited bullish divergence, followed by hitting three upside targets.  The price appears to form a higher low, increasing the probability of reaching target four, projected at the $175 mark. Despite the bullish momentum, SOL faces crucial resistance walls at $157 and $172, which are expected to be significant obstacles toward higher price levels.  On the other hand, the $140 line has served as a key support level for Solana’s price over the past week. SOL’s bullish momentum remains uncertain as it strives to overcome these resistance levels and retest its yearly high of $209. Featured image from Shutterstock, chart from TradingView.com

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Solana SOL Price Analysis: Last Defense Line at $140 Against Bearish Trends

Solana (SOL) is currently attracting significant interest and witnessing a surge in its value. This upward movement is in response to a bullish market sentiment, prompting SOL to climb. However, it’s important to note that the overall trajectory of Solana’s price is bearish, as indicated by analysts who are outlining potential scenarios. At the time […]

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Solana Rallies Into Pivotal Zone $180 Level Could Define Next Move

Solana is gaining momentum once again, with price action pushing above the $175 level for the first time in weeks. The move comes as crypto markets roar back to life, fueled by Bitcoins push above $100K and Ethereums explosive rally past $2,500. Solana has surged more than 20% in the past week alone, signaling strong demand and a renewed bullish outlook from traders and investors alike. Related Reading: XRP Whales Are Back 880 Million Tokens Accumulated This Month Top analyst Big Cheds shared a technical analysis revealing that Solana is now making a strong advance into a key spotthe underside of the daily 200 moving average (DMA). The asset is also approaching a lower high around the $180 mark, which previously acted as resistance during the last failed breakout attempt. Cheds notes that reclaiming this zone would be a significant win for bulls, potentially triggering a sharp continuation toward new highs. Market sentiment is turning optimistic across the board, and Solanas technical setup reflects that shift. As price approaches the 200DMA, all eyes are on whether SOL can hold this momentum and break through key levels to join the broader market rally. The coming days will be crucial for confirming a full trend reversal. Solana Approaches Pivotal Level As Bulls Eye Breakout Solana is showing renewed strength after a clean breakout above the $160 resistance zone, a level that had capped price action for several weeks. The surge has brought SOL into a critical region that could act as a pivot pointeither igniting a fresh bullish rally or marking a temporary top before a retrace. As global tensions between the US and China and broader macroeconomic uncertainties linger, the crypto market remains exposed to sudden sentiment shifts. However, recent price action in Solana, along with Bitcoin and Ethereum, suggests that investors are increasingly optimistic about a continued market recovery. Solanas current structure reflects that optimism. The asset is now testing the underside of its daily 200 moving average, a level often viewed by traders as a trend-defining indicator. A successful push above this moving average would add further confidence to the bullish thesis. At the same time, Solana is approaching a lower high near the $180 zone, where the price was previously rejected in March. Cheds points to this convergence as a crucial area: a breakout here could mark the beginning of a larger reversal pattern. Still, risks remain. A rejection at the $180 level could reinforce resistance and trigger a pullback toward the $160 support, especially if macro conditions worsen or profit-taking sets in. For now, however, bulls appear to be in control, and the technical landscape supports a potential continuationif momentum holds. Related Reading: Bitcoin 4H Chart Shows Bullish Consolidation Classic Continuation? Technical Levels: Price Action Shows Strength Solana (SOL) is exhibiting strong momentum as it trades at $176.41, advancing toward a crucial resistance area around the $180 level. The daily chart shows that SOL has surged rapidly from April lows, breaking above both the 200-day EMA ($161.67) and approaching the 200-day SMA ($181.10), a key area that could determine the next major trend. This zone acted as support and resistance multiple times in the past, particularly during Q4 2024 and early 2025. Now, as price returns to this range, it becomes a potential pivot point. If bulls can sustain pressure and close above $181.10 with volume confirmation, it may trigger a continuation toward $200 and possibly retest February highs above $260. However, failure to break above this range could prompt a rejection and consolidation below the 200 SMA. Related Reading: Bitcoin Whale Entry Prices Diverge Sharply Confidence Builds At Higher Levels Volume has picked up significantly over the last few days, indicating rising interest and participation from traders. This is a constructive sign as Solana attempts to reclaim higher ground. For now, the trend remains bullish, but eyes are on the $180$185 resistance zone to confirm whether SOL has the strength to continue its breakout or faces a short-term pullback. Featured image from Dall-E, chart from TradingView

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Solana Faces Defining Level At $120 Will History Repeat?

Solana continues to face mounting selling pressure as it struggles to reclaim the $150 level, with broader market uncertainty weighing heavily on price action. Down nearly 60% from its all-time high, Solana reflects the weakness seen across the crypto sector, where fear and volatility have returned to dominate investor sentiment. As macroeconomic instability and risk-off behavior persist, bulls have been unable to regain control, and confidence remains shaky. Related Reading: Dogecoin Faces Make-Or-Break Support Level Will DOGE Hold? Top crypto analyst Ali Martinez recently shared an important technical analysis, identifying $120 as a critical make-or-break zone for Solana. According to Martinez, this level has historically marked major shifts in SOLs price trajectory, often acting as the tipping point between recovery and further decline. With Solana now hovering dangerously close to this threshold, traders are watching closely to see whether it can hold or break. If $120 fails to act as support, it could trigger a deeper correction. On the flip side, holding this level could offer bulls a base to mount a potential comeback especially if market conditions stabilize. For now, Solana remains in a vulnerable position, and how it behaves around this key level may define its direction in the weeks ahead. Solana Holds Critical Demand As Global Trade War Tensions Grow Solana is trading at a critical demand zone as selling pressure intensifies across the crypto market, driven by escalating global tensions and trade war fears. On Liberation Day, US President Donald Trump announced sweeping new tariffs, sparking strong responses from major economies like China. The fallout has shaken investor confidence across all markets, including crypto, where risk assets are feeling the weight of heightened uncertainty and reduced appetite. Solana (SOL) has been especially vulnerable, with price action slipping toward key support levels. Analysts warn that if current demand fails to hold, the downtrend could accelerate. The next few days will be crucial, as continued weakness into next week could confirm a bearish breakdown. Many traders are already preparing for more downside if the market doesnt stabilize soon. Martinez recently highlighted the importance of the current support zone. According to his analysis, the $120 level is a decisive make-or-break point for Solana. This zone has historically marked major trend reversals and shifts in momentum. A failure to hold above it could lead to a deeper correction, while a bounce from this level could spark a recovery. With SOL already 60% down from its all-time highs, bulls are on the defensive. If they can defend $120, theres still hope for a reversal but losing it may signal that the broader bearish trend remains intact. In the days ahead, all eyes will be on Solanas ability to hold the line as macro pressure continues to shape the crypto markets direction. Related Reading: Massive Chainlink Demand Wall At $6.26 As 90K Investors Buy 376M LINK Key Weekly Support Faces Breakdown Risk Solana is currently trading at $120, on track to record its lowest weekly close since February 2024. After weeks of selling pressure and repeated rejections below the $150 level, bulls are running out of time to defend key support. The inability to reclaim $150 a major resistance zone has kept SOL trapped in a bearish structure, with momentum firmly in favor of the bears. For any hopes of a recovery rally to take shape, Solana must reclaim $150 in the coming days. That level remains the gateway to higher demand zones and a shift in short-term trend. However, if price action continues to weaken and $120 fails to hold, the next logical target is much lower around the weekly 200-day MA and EMA, both converging near $95. Related Reading: Ethereum Whales Buy the Dip Over 130K ETH Added In A Single Day This would represent a critical breakdown and likely trigger additional downside pressure, particularly if broader market conditions remain fragile. With macroeconomic uncertainty and trade war tensions weighing heavily on sentiment, Solanas position looks increasingly vulnerable. Unless bulls step in soon, SOL could be facing a deeper retracement as it tests long-term support zones not seen since late 2023. Featured image from Dall-E, chart from TradingView

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