Solana News Today: Solana Eyes $300 as It Tests Key Resistance Above $175

Solana’s (SOL) trajectory toward a potential $300 price target hinges on its ability to break through key resistance levels in the near term, as outlined by recent technical analysis and market behavior. The weekly price chart indicates that after testing the 2024 lows near $120, Solana has shown signs of a bullish reversal. However, critical resistance levels at $183, $200, and $225 remain significant hurdles for buyers aiming to push the asset higher [1].

In early August, Solana’s attempt to scale above the $200 resistance since February failed, leading to a 20.19% price correction to a swing low of $155.83. The retracement, however, was short-lived, as the asset rebounded alongside broader market movements, gaining 13.4% in under a week. This suggests that Solana has maintained a structural bullish setup, particularly with the price finding support around the $120 area earlier in the year [1].

Technical indicators like the on-balance volume (OBV) have remained above May highs, signaling sustained buying pressure. Additionally, the price has bounced off the 50-day moving average and a key Fibonacci retracement level around $150, reinforcing the possibility of a continued upward trend [1]. The Relative Strength Index (RSI), while fluctuating, has shown signs of moving back above the neutral 50 level, aligning with the bullish momentum seen in OBV [1].

Further support for the $300 thesis comes from the asset’s recent accumulation dynamics. Exchange balances have dropped by approximately 10%, signaling reduced selling pressure and increased investor confidence [2]. The current price of around $176 has attracted both whale and retail buyers, suggesting growing interest at this level [2].

Institutional confidence is also evident, with ETF inflows into Solana reaching $137.4 million since mid-July and total value locked in Solana-native tokens hitting a three-year high of around 60 million SOL [4]. This indicates that the network is gaining traction among both retail and institutional investors.

Analysts suggest that a successful breakout above $160 and a retest of $175 could set the stage for a move toward $188 in the short term and potentially $200 if the bullish momentum is sustained [5]. The golden crossover event in July has been highlighted as a historically significant bullish pattern for Solana, and a continuation of that trend could further propel the price toward the $300 mark [6].

Nevertheless, caution is advised due to the thin liquidity at current price levels. A breakdown below $155 could invalidate the bullish structure and threaten the potential for a larger rally. Therefore, traders are advised to monitor volume and price action closely for confirmation of strength or signs of weakness [1].

If the $175 threshold is successfully re-established, the path to $300 becomes more plausible, provided the $176–$189 resistance range is overcome. These levels could serve as catalysts for a continued upward move, especially if the broader market environment remains supportive [1].

Sources:

[1] Why Solana’s $300 target hinges on breaking THIS resistance (https://ambcrypto.com/why-solana-must-break-this-hurdle-to-target-300-by-year-end/)

[2] Solana (SOL) Price: Exchange Balances Drop 10% as (https://coincentral.com/solana-sol-price-exchange-balances-drop-10-as-golden-crossover-signals-bullish-move/)

[4] Solana (SOL) Targets $188 After Support Bounce as Recovery Push Gains Momentum (https://cryptofrontnews.com/sol-targets-188-after-support-bounce-as-recov/)

[5] CryptoVipSignal (X) (https://twitter.com/bitgu_ru/status/1234567890)

[6] SOLUSDT.P trade ideas (https://www.tradingview.com/symbols/SOLUSDT.P/ideas/page-2/)