Solana Price Surges 2.1% as ETF Speculation Drives Momentum

Solana (SOL) is currently demonstrating robust technical momentum as it approaches critical resistance levels, bolstered by renewed speculation surrounding exchange-traded funds (ETFs). The cryptocurrency is closely watched by traders as it nears decisive price points, with both trading volume and market sentiment on the rise.

Solana's price action is currently situated in a tightly coiled setup between established support and rising resistance levels. With bullish catalysts accumulating, technical precision will be crucial in determining the next directional move. Analysts are focusing on key levels that could either trigger a continuation of the bullish trend or trap late buyers.

As the price reclaims resistance at $163.65, the analysis emphasizes the importance of structure and confirmation signals. According to the analyst, Solana's rebound from the 200-week moving average (MA) in April indicated a re-engagement of the trend. However, the current positioning near former support-turned-resistance adds pressure. This resistance band, active since early 2022, has repeatedly rejected advances. Failed breakouts at this level in mid-2024 resulted in double-digit drawdowns, indicating significant overhead supply.

The analysis also identifies a well-defined weekly resistance zone between $209.25 and $226.30, which has been tested twice since the 2021 peak. If SOL clears this band with sufficient volume, the upside momentum could extend toward $260.30. However, short-term risk remains to the downside, with support at $109.48 aligned with both the 100- and 200-week moving averages. This confluence acts as a bullish checkpoint, especially since the price respected it in late 2023 and Q1 2025.

Additionally, the weekly chart continues to print higher lows since the 2022 bottom, suggesting that the bullish structure remains intact. Notably, volume spikes around accumulation zones hint at institutional presence, particularly during the $78 to $200 surge in early 2024.

Solana is currently trading at $167.03, approaching a key descending trendline that has capped every rally since January. This trendline connects highs at $237.58, February’s peak, and May’s short-lived breakout. The price is now pressing upward, setting the stage for either rejection or a breakout.

Support at $155.35 has held firm multiple times, reinforcing the range-bound nature of recent months. Any downside rejection may again revisit $127.13, a level marked by deep wicks and swift reversals.

Momentum now hinges on clearing $188.59, a horizontal resistance that rejected the price in both May and February. A close above this zone could shift sentiment fully bullish, provided volume confirms the breakout.

According to Market Maestros, Solana has already triggered a breakout from a descending channel, retested, and is now eyeing $259 and beyond. With higher lows and ETF optimism aligning, their analysis frames the current move as a macro breakout setup. The key question is whether buyers will maintain conviction long enough to push through $188.59 and aim for new all-time highs.