The price of Solana is currently navigating a pivotal range between $140 and $155, attracting the attention of traders as it approaches a critical resistance level. Observations of a cup-like structure, coupled with notable whale activity, suggest a potential breakout could be on the horizon.
Currently trading around $140 to $145, SOL is maintaining its position above a recent support level while testing resistance. Traders are keenly monitoring this phase to determine whether it will lead to a breakout or another consolidation within this trading range.
The $155 mark has been identified as a crucial barrier that Solana must overcome to gain momentum. Analysts note that a clean break above this level could signal a shift in momentum, opening avenues toward $165 and higher. The formation of higher lows in conjunction with the cup pattern is indicative of potential bullish movement.
In a broader context, the medium-term outlook appears promising, with projections suggesting a recovery towards the $170 to $175 range. This forecast is grounded in Solana“s historical behavior with moving averages and trend bands, which have historically guided its price movements.
Recent market activities also bolster this narrative, as a significant trader has reportedly opened long positions across BTC, ETH, and SOL, totaling approximately $850 million. While this positioning alone does not guarantee a price movement, it reflects a growing confidence in the market, particularly as it aligns with improving technical conditions.
Looking at the long-term perspective, Solana has spent nearly two years in a phase of accumulation, forming a stable base rather than experiencing a sharp decline. This accumulation phase historically precedes expansion cycles, suggesting potential strength in price movements ahead.
In conclusion, for Solana to approach $180, it needs to first reclaim the $150 to $155 zone. This area has consistently acted as a ceiling for weeks, blocking attempts to rise higher. A decisive break and sustained movement above $150 would open the path towards $165 to $170, with a further target set at $180.
Currently, Solana is priced at $142.39, reflecting a decline of 2.71% over the past 24 hours, as it remains situated between support levels near $138 to $140 and resistance around $150. This ongoing compression keeps the market structure neutral, prompting bulls to seek a definitive shift in behavior to drive prices higher.
