Solana's SOL Tests $180 Resistance Amid 5% Capital Inflow Surge

Solana, a prominent blockchain platform, has been experiencing a surge in capital inflows, indicating renewed investor interest. The cryptocurrency SOL is currently testing the $180 resistance level, a critical juncture that could determine its near-term trajectory. This resistance level has historically been a significant barrier for SOL, with previous attempts to break through meeting with limited success. However, the recent influx of capital suggests that bullish sentiment is building, potentially paving the way for a breakout above $180.

The $180 resistance level is not just a psychological barrier but also a technical one. According to analysts, this level has been a historical resistance zone for SOL, with many investors choosing to exit their positions around this price point. A successful breach of this level could signal a shift in market dynamics, potentially leading to a rapid ascent towards the $200 mark. The bullish setup is further supported by technical indicators, which suggest that SOL has the potential to push above $180 with strong volume.

The recent surge in network activity on the Solana blockchain has also contributed to the bullish sentiment. Glassnode, a blockchain analytics firm, reported a 4% to 5% rise in 30-day capital inflows, matching the growth seen in other major cryptocurrencies like XRP. This increased activity indicates that investors are once again turning their attention to Solana, driven by its scalability and low transaction costs.

Supporting positive capital inflows was the 90-day Cumulative Volume Delta (CVD) for Futures markets, indicating a Taker Buy Dominant phase for SOL. This metric reflects growing buyer conviction. When buy volume leads over time, it usually signals strong upside expectations from traders. In SOL’s case, the CVD uptrend paired with recovering realized cap inflows gives SOL a solid base for potential continuation in its recent uptrend.

SOL tested a key supply zone around the $180 level on the daily chart, following a month of steady gains. This zone has historically capped further price advances and serves as a strong resistance level. However, the recent shift in capital inflows and growing buyer dominance could invalidate this supply zone, potentially paving the way for a rally toward the $200 psychological level.

If bulls sustain the buying pressure, SOL can negate the $180 supply zone and explode for another surge towards the $200 psychological price level. But for now, all eyes are on the scale of capital inflows and whether buyers can carry on. If these bullish sentiments hold, SOL can see a breakout rally in the near term — setting the stage for its next major price action.

As SOL’s momentum builds, market participants are closely watching the interplay between demand and capital inflows. Maintaining upward pressure beyond the $180 resistance level could result in a substantial price rally, making SOL a cryptocurrency to watch in the upcoming weeks.