Solana News Today: Solana Bounces 6% From $155 Support Amid Key Resistance Clashes

Solana (SOL) is currently trading around $169.05, having bounced from key support near $155 following a brief pullback [1]. The price has seen a 6% increase since the beginning of August but remains below the 0.382 Fibonacci retracement level at $171.40 and the 4-hour Supertrend at $171.12, both of which act as immediate resistance levels [1]. Technical indicators suggest mixed signals: the RSI stands at 58.57, indicating a neutral to mildly bullish bias, while the ADX at 35.75 suggests a strong trend is forming but lacks directional clarity [1]. The VWAP is slightly above the current price, reinforcing a neutral to bullish intraday bias [1].

The recent price action has seen Solana rebound from the $150–$155 demand zone, a critical area where multiple candle wicks showed buying interest. This bounce has pushed the price back into the mid-range of a descending channel that has been capping upside movement since July 20. However, the Parabolic SAR flipping below the price suggests an early sign of a potential trend reversal [1]. A breakout above the $171.12 Supertrend level would be a key confirmation of renewed bullish momentum [1].

Despite the rebound, on-chain data reveals ongoing bearish pressure. Coinglass reported net outflows of -$9.81M as of August 5, indicating ongoing profit-taking or capital reallocation [1]. This suggests that while the price has recovered, the underlying demand is not yet strong enough to sustain a breakout above the key resistance cluster between $171 and $175 [1]. The 1D Smart Money chart confirms that Solana is nearing a Change of Character (CHoCH) zone at $171–$175, a structural level that could determine the next major move in price [1].

The weekly chart shows Solana trading just below the 0.382 Fibonacci level at $171.40, which has historically acted as a significant rejection point. Breaking above this level could trigger a larger upward move, with the next Fibonacci target near $195.00 (0.5 level) [1]. The +DI on the DMI indicator is approaching a crossover with the -DI, but the ADX remains high at 35.75, signaling a strengthening trend without a clear directional signal [1].

In the short term, Solana faces a critical decision point. A confirmed breakout above $171.12 with strong volume could push the price toward $175.80 and then $185.00, aligning with prior bullish breakout and rejection zones [1]. Conversely, a failure to break above $171 could result in a pullback to $165 and $161.71, which align with the midline of the descending channel and the Parabolic SAR level [1]. A breakdown below $160 would shift sentiment back to bearish and invite retests of the $155 and $150 demand zones [1].

Traders are advised to monitor volume, netflow, and VWAP for further directional clues. A decisive daily close above $175 would invalidate the current downtrend structure and signal a potential shift in momentum [1]. While the technical outlook remains mixed, the convergence of key support and resistance levels, combined with the strength of the Fibonacci and channel structures, suggests that the near-term trajectory of Solana will be closely tied to price action around $171 [1].

Source: [1] Solana (SOL) Price Prediction for August 6, 2025 (https://coinedition.com/solana-sol-price-prediction-for-august-6-2025/)