Solana Price Prediction: SOL Aims to Reclaim $175 to Ignite a New Rally
- Solana (SOL) approaches a critical breakout zone, with rising volatility and improving market sentiment hinting at a potential bullish reversal.
- Technical indicators remain mixed, as RSI holds neutral and the MACD suggests early bullish momentum, but the broader trend is still bearish.
- A decisive move above $175 could signal a trend reversal, while failure to hold $165 may open the door to deeper retracement toward the $155$160 zone.
Solana is gearing up for a trend-defining move, volatility is building, and Solana looks ready for its next major trend-defining move. The overall market sentiment is positive, which added fuel for the next fresh movement. Both traders and investors are closely watching this coin to get a recovery from the recent losses. If a successful breakout occurs, it will lead to a new and fresh bullish reversal.
At the time of writing, SOL is trading at $171.11 with a trading volume of $2.32B over the past 24 hours and a market cap of $88.99B. The price of SOL in the past 24 hours is up by 1.92%, though its price in the past week was dragged down by the volatility in the market and was down by 1.06%, with indications of the next big rally.
Source: CoinMarketCap
Solana Eyes Breakout and Poised to Break $175
A prominent crypto analyst, gemxbt, highlighted that Solana (SOL) still struggles with bearish momentum as its price chart illustrates a clear and unbroken downtrend. The asset has been making a series of lower highs and lower lows, technical signals indicating persistent selling pressure and a weakening market structure.
This pattern suggests bearishness, with buyers still to develop higher price levels or sustain prior support levels. At current prices, SOL trades nervously around the $165 support level, a crucial area that has given temporary relief in prior downward moves. If this level fails to hold, then the way could be open for a deeper retracement, possibly to the $155-$160 band where previous consolidation took place.
On a more positive note, $175 has remained a level of resistance, defeating efforts by bullish attempts to regain control in more recent sessions. For Solana to overcome its ongoing downtrend, it needs a strong breakout above the current resistance level, supported by increased trading volume and a clear shift in market momentum.
Source: X
But technical indicators are mixed. The Relative Strength Index (RSI) stands neutral, indicating neither a complete control by either bulls or bears nor a complete lack of control, suggesting that perhaps a catalyst of some sort is needed. The MACD (Moving Average Convergence Divergence) reports early indications of a potential bullish crossover, a trend often shadowing short-term changes in direction. Yet in a broader bear trend scenario, such a signal by itself does not have punch.
Moreover, a notable turning pattern begins to form, such as a double bottom or an inverted head and shoulders, and then SOLs overall direction still remains bearish. There have been some short-term indicators suggesting a possible turnaround, yet the current trend still supports sellers. Its a situation that traders as well as investors watch closely to see if Solana can hold up above support levels and establish a foundation for a turning point.
Related reading: Bitcoins Steady Surge Signals Potential to Reach $134,000 by 2025
Read more: https://www.tronweekly.com/solana-price-prediction-sol-aims-to-reclaim-175-to-ignite-a-new-rally/
Text source: TronWeekly
