Solana (SOL) Breaks 8-Hour Downtrend, Targets $165 Resistance

Solana (SOL) has shown promising short-term bullish momentum after breaking its 8-hour downtrend, with the cryptocurrency targeting the critical $165 resistance level. This movement comes amid controlled trading activity, suggesting a measured upswing in the market. The cryptocurrency’s Relative Strength Index (RSI) and price action indicate strengthening buyer confidence, with intraday supports holding firm and volume indicating steady market participation.

Market analyst Bluntz highlights the significance of Solana’s breakout, noting that momentum and ecosystem interest are aligning to potentially sustain upward movement. The bullish candle that propelled SOL from $148.14 to $152.73 disrupts the previous downtrend pattern, suggesting that momentum may accelerate in the near term. This breakout interrupts the sequence of lower highs that has constrained SOL since early June, positioning the cryptocurrency for a potential rally toward the $160–$165 resistance zone.

Examining Solana’s RSI, Bluntz notes an intraday peak of 61.23, settling around 57.08—indicative of strengthening momentum without entering overbought territory. This balanced RSI reading supports the sustainability of the current rally. Additionally, the presence of tight bid-ask spreads near $151.35–$151.36 signals active liquidity and controlled trading, reducing volatility risks and fostering a stable environment for further price appreciation.

Throughout June 29, Solana exhibited a balanced intraday range between $149.50 and $152.80, demonstrating resilience amid minor selling pressures. Initial dips below $150.20 were swiftly countered by midday recoveries, with the session closing near $150.70—comfortably above critical support levels. This price stability reflects a maturing market structure characterized by lower volatility and more disciplined trading behavior. Volume metrics corroborate this stability, showing consistent participation without speculative surges.

Since early 2024, Solana’s trading profile has evolved toward a more stable base, with decreasing excess volume and tighter price ranges. This consolidation phase suggests that SOL is forming a foundation for potential upward movement, supported by a series of higher lows and a firming trendline. The critical question for traders is whether Solana can maintain its breakout above the $150 zone and mount a challenge toward the $165 resistance. Bluntz highlights that defending this breakout level is essential to sustain bullish momentum and attract further buying interest. Conversely, failure to hold above $150 could expose SOL to a retracement toward the $140–$145 support range, underscoring the importance of intraday price action in shaping near-term trends.

Overall, Solana’s technical setup leans bullish but remains sensitive to rejection at key resistance points. Market participants should monitor volume and price behavior closely to gauge the sustainability of this emerging uptrend. Solana’s breakout from its 8-hour downtrend and subsequent price stability signal a promising short-term bullish setup, with the $165 resistance level serving as a critical test. Supported by balanced RSI readings and steady volume, SOL appears poised for potential gains, provided it can defend key support zones. Investors and traders should watch for confirmation of sustained momentum while remaining mindful of possible pullbacks to $140–$145. This measured optimism reflects a maturing market environment where technical discipline and ecosystem developments converge to shape Solana’s trajectory.