Solana Tests $190 Resistance After 80% Rally

Solana (SOL) is currently at a critical juncture, testing resistance at $190 after an impressive 80% rally from its April lows. The cryptocurrency is trading at $177.30, consolidating just below the 200-day moving average of $181, which has been a significant resistance level in recent days. Analysts, including Jelle, have highlighted the importance of the $190 level, suggesting that a break above this point could signal a move toward new all-time highs. Jelle stated, “above $190, all bets are off,” indicating a potential for substantial gains if this resistance is overcome.

The daily chart of SOL reveals a tight consolidation phase, with the cryptocurrency forming a potential base after its strong rally. Moving averages below the current price show bullish alignment, with the 34 EMA at $162.95 and other moving averages trending upward. However, recent price action shows some weakness, as SOL started a fresh decline from the $188 zone and is now trading below $180 and the 100-hourly moving average. A bearish trend line has formed with resistance at $176, adding another layer of resistance for bulls to overcome.

Key support levels remain at $172 and $170, with the $170 level having been tested multiple times recently. A break below $170 could send the price toward $165, with further weakness targeting the $160 support zone. On the upside, initial resistance sits at $176, with the main resistance zone extending to $180 and $185. Breaking above $185 could set up another rally phase, with the next targets being $192 followed by $200.

Technical indicators show mixed readings, with the hourly MACD gaining pace in bearish territory and the RSI sitting below the 50 level on hourly timeframes, suggesting short-term momentum favors sellers. Despite recent weakness, the overall structure remains bullish, with SOL having outperformed most altcoins during the current cycle and maintained key support levels during volatile periods. This resilience positions it well for potential continuation moves.

The broader market context remains important, with Bitcoin continuing to trade near all-time highs, creating uncertainty. Market participants are watching for Bitcoin’s next directional move, as a strong Bitcoin rally could provide tailwind for Solana. Conversely, Bitcoin weakness might pressure SOL lower, given the high correlation between major cryptocurrencies. The coming days appear crucial for Solana’s short-term direction, with a break above $190 confirming bullish continuation. Failure to reclaim key levels might lead to further consolidation, making the $170 support zone critical in that scenario.