Solana Faces $180 Resistance Despite Bullish Indicators

Solana (SOL) has recently encountered a significant resistance level, with its price hovering around $180. This resistance has been a key barrier for the cryptocurrency, as it has previously acted as a ceiling for its upward momentum. Despite this, technical indicators suggest a bullish momentum, with the price showing signs of consolidation above the 23.6% Fib retracement level. The price has accelerated past $170 and $172, with bulls even breaking $175 before hitting $177.50. This consolidation indicates that the market may be catching its breath before another attempt to push through the resistance.

The resistance level at $180 has been a historically significant barrier for Solana, acting as both a support and resistance level in the past. The price has been rejected from a key supply range between $180 and $190, which has put a pause on the upward momentum. However, the weekly chart still shows a higher low structure forming, keeping the broader trend bullish. This suggests that the rejection may not be bearish, but rather a consolidation phase before another attempt to break through the resistance.

For the SOL/USDT pair, it can be seen that the $SOL price is now right up against the first of a band of very strong resistances. With the Stochastic RSI indicators on the weekly approaching the top of their trajectory, $SOL bulls have to take this chance to pierce through this daunting barrier. If they can do so, the next target would be the $202 resistance. What $SOL bulls want, isn’t for the Stochastic RSI indicators to just cross over and turn down, but to stay at the top for an extended period of time, just as was the case for a 7-week period in Q4 of 2023.

Against $ETH (SOL/ETH) the $SOL price has been under pressure for the last month, as $ETH went into an extended surge against USDT. That said, if one looks at the SOL/ETH chart it can be noted that this was likely just a corrective impulse. As long as $SOL can stay above the ascending trendline, and the strong support levels below, the tables could start to turn in $SOL’s favour soon. The Stochastic RSI in the weekly time frame has the indicators still heading downward, but they could hit bottom in the next couple of weeks or so, and then turn back up to pass price momentum back to $SOL.

Against its $BTC pair (SOL/BTC), $SOL has a lot to do. After falling out of the big triangle SOL/BTC found itself below two major horizontal resistance levels. $SOL is battling against the first one without success so far, and time is running short with the Stochastic RSI indicators starting to approach the top. If $SOL could break the resistances, get back into the triangle, and break out of the top, this would be a wondrous sequence of events for the $SOL bulls. As it stands, this is not looking likely. Huge price momentum needs to come in for $SOL and it needs to arrive soon.

The recent news of Galaxy Digital teaming up to launch tokenized equities on Solana has added serious weight to its long-term story. This development reinforces Solana’s appeal as more than just a DeFi or NFT chain, and could enable real-world financial products. The falling wedge pattern on the 4-hour chart also hints at a potential short-term bounce, which could be the catalyst Solana needs to make another serious push. If the market sees this news as validation, it could shift the narrative fast for SOL.

However, large transfers from Binance wallets have started raising some concerns. Millions of dollars’ worth of SOL have been moved from Binance to external destinations, which could be a sign of outflows or internal redistributions. This has sparked speculation as the price tests a key breakout zone, and timing matters in this scenario. The rejection from the key resistance zone at $190 has halted rally momentum, but the broader setup remains intact. If bulls reclaim $180 with conviction and the market digests the Galaxy-Solana connection as a real infrastructure shift, then $190 may not hold for long. As the narrative evolves, the Solana price prediction starts leaning more bullish, especially if volume and sentiment align.