Solana News Today: Solana Surpasses $182, Eyes $188 Resistance as Bullish Momentum Builds

Solana (SOL) has resumed its upward momentum, pushing past the $182 mark and showing signs of testing key resistance levels. The price has recovered from the $175 support zone and is currently trading above the 100-hourly simple moving average. A notable development is the break above the bearish trend line resistance at $183 on the hourly chart of the SOL/USD pair, as observed on Kraken [1]. The next immediate target for bulls is the $188 resistance level, and a successful breakout could pave the way for a further increase toward $192 or even $200 [1].

The recent price movement follows a period of bearish pressure when Solana dipped below $188, $185, and $108, signaling a short-term bearish trend. However, the formation of a low at $175 and subsequent recovery above $180 and $182 indicate that buyers are stepping in at lower levels. The price has also moved above the 23.6% Fibonacci retracement level of the downward move from $210 to $175, reinforcing the potential for a continuation of the upward trend [1].

Technical indicators remain in a constructive phase. The hourly MACD for the SOL/USD pair is gaining momentum in the bullish zone, and the RSI stands above the 50 level, suggesting that the pair is not yet overbought [1]. Analysts are watching the $180 and $175 levels as key supports, with a break below $180 potentially leading to a retest of the $175 zone, and a further decline possible if the price closes below that level [1].

Despite the positive momentum, caution remains necessary. The broader cryptocurrency market has been volatile, with Bitcoin dipping under $115,000 and triggering over $1 billion in liquidations. Solana has so far held up relatively well, offering a rare bright spot in a challenging environment [4]. Analysts suggest that as long as the $180 support holds, the overall technical structure remains bullish [3]. However, a failure to clear the $188 resistance could see the price retreat toward $184, and any further weakness could bring renewed selling pressure [1].

In comparison to other major assets, Solana has outperformed Ethereum, with the SOL/ETH ratio hitting a new monthly high [8]. This has been interpreted by some traders as a sign of growing confidence in Solana’s ability to attract capital during market rotations. On the charts, Solana has formed a bullish double-bottom pattern, which is viewed as a positive technical signal for the near term [8].

Looking ahead, the market is likely to remain in a consolidation phase as both bulls and bears watch for the next major catalyst. If the price of Bitcoin continues to weaken, it could exert renewed pressure on altcoins like Solana. However, if the $180 support level holds, it could provide a foundation for a more sustained recovery, especially if broader market conditions stabilize [3]. Bulls are advised to monitor this level closely, as its integrity will be a key determinant in the near-term direction of the asset [4].

[1] Source: NewsBTC (https://www.newsbtc.com/analysis/solana-sol-jumps-higher-188/)

[3] Source: Facebook · Crypto GB (https://www.facebook.com/groups/cryptogb/posts/24234680806152357/)

[4] Source: Binance (https://www.binance.com/en/square/post/28535835946042)

[8] Source: Facebook · Robinhood Traders Chat! (https://www.facebook.com/groups/2028862550588932/posts/35153****1940189/)