Solana Faces $162-$167 Resistance Zone Amid Robinhood Staking Support

Solana (SOL) is currently navigating a critical resistance zone between $162 and $167, a level that has previously hindered multiple rally attempts. This resistance zone is pivotal for the cryptocurrency, as a successful breakout could propel SOL to new heights. The bullish momentum is bolstered by the recent relaunch of SOL trading with staking support on Robinhood in the U.S. This move by Robinhood is significant as it indicates a shift in regulatory sentiment towards SOL, which was previously removed from the platform in 2023 due to being labeled an unregistered security by the SEC. The reintroduction of SOL on Robinhood, a platform heavily used by retail investors, could enhance staking participation and attract more investors to Solana.

The renewed staking support on Robinhood is expected to alleviate regulatory pressure and provide easier access for users to stake SOL without the need for navigating DeFi tools or self-custody. This development coincides with Solana's price showing bullish technical patterns, with the potential to target the $185-$220 range if the resistance is broken. The technical setup, including higher lows and an inverse head and shoulders pattern, suggests that a breakout above the $162 resistance could unlock significant upside potential, potentially reaching $180 and beyond.

However, the recent unstaking of nearly 190,000 SOL, worth over $31 million, by an FTX-linked wallet introduces a variable that could impact short-term price action. While the transaction itself is not necessarily bearish, it raises questions about potential sell pressure if those tokens hit the market. This development comes at a time when confidence in SOL is starting to pick back up, with retail access through Robinhood and renewed staking support shifting sentiment positively. The timing of this large unstake introduces a variable that could impact short-term price action.

Despite the fresh momentum from Robinhood staking and on-chain buzz, the Solana price is still stuck under a major technical lid. The price is grinding just beneath a neckline that has acted as resistance, capping every bounce and preventing SOL from following through like some of its peers. A clean break above that trendline could change the tone quickly. The good news is that the setup underneath is getting tighter, with higher lows forming and the broader chart shaping up like an inverse head and shoulders pattern. If volume steps in and SOL can finally flip that neckline into support, it could unlock the upside towards $180 and potentially higher.

Solana is pressing up against a familiar ceiling, with the $162 to $164 range having built up into a thick selling wall, capping multiple rally attempts over the past few days. Price is currently hovering just below this zone, making it a crucial level to watch. If SOL can punch through with solid volume, it opens up room for a smoother move toward $180. SOL has been gradually carrying out higher highs and higher lows without overheating, which gives this move a solid foundation. Volume is steady, and momentum hasn’t overextended. If bulls can clear this resistance, the path to $180 looks achievable.

The latest chart analysis suggests a potential move up to around $218 if the current bullish leg continues playing out. This projection lines up neatly with previous resistance levels, making it a likely target if momentum stays intact. The pattern also shows a healthy retracement at the mid-point, giving the setup more credibility. However, Solana will face resistance at the $180 zone, and once this breaks, the rally towards $218 could come faster than expected.

In conclusion, Solana is building momentum again, but all eyes remain on that major $162 to $167 resistance zone. From Robinhood’s renewed support to rising staking activity and steady higher lows, the fundamentals and structure both lean bullish. However, this $162 to $167 range remains the battleground. If Solana gets through this range, it’s likely to head for $180 next and could follow through towards the pattern target of $218.