Solana surges 2.5 percent to $156.84 as buyers step in

Solana's price surged to $156.84 on June 16, marking a 2.5 percent daily gain after buyers stepped in following a recent dip below $144 earlier in the week. This upward momentum gained strength after a key structure break was confirmed above $145, which acted as a demand area and sparked a shift in sentiment leading to a consistent upward move.

Traders are closely monitoring the price action between $158 and $160, a significant resistance zone. A break above this level could trigger an extended rally toward $167 and $176, levels that align with an old order block, adding to their relevance. Momentum indicators on the 4-hour chart continue to support the bullish case, with the RSI standing at 64.26, just under the overbought level, signaling ongoing buying strength. The MACD also shows a clear bullish crossover, and the Chaikin Money Flow index holds at 0.24, reflecting steady capital inflows.

Trend-following tools further confirm the current upward bias. The Supertrend indicator remains green and sits below the price at $146.85. Parabolic SAR dots continue to print below price candles, backing the prevailing bullish trend. Additionally, volatility indicators are expanding as both Keltner Channels and Bollinger Bands have widened, with the price trading near the upper bands. This often precedes an aggressive price move when supported by strong volume.

Volume Profile shows that the $152 to $155 range was reclaimed with strength. This value area previously acted as resistance but now appears to have flipped into support. VWAP on the 30-minute chart is positioned above $155, showing ongoing accumulation. Smart Money Concepts also show bullish intent, with multiple change-of-character patterns occurring, followed by break-of-structure confirmations. These signals invalidate prior bearish setups, especially those formed near $140.

Directional indicators further point to trend strength, with the +DI line overtaking the -DI line and ADX trending higher. Meanwhile, Bullish Bearish Power has flipped positive, and ATR readings suggest a wider price range may unfold. Solana now faces its most critical technical test in the $158 to $160 zone. A clean breakout above this area could open the path to the $167 and $176 levels where sellers previously dominated. Failure to break through may lead to a pullback, with immediate support levels at $152.71 and $146.

All eyes are now on Solana as it approaches the $160 mark with rising volume and momentum. A confirmed breakout from this zone could trigger a strong continuation to the upside in the coming sessions. The bullish sentiment is further fueled by the anticipation of a potential ETF launch, which could propel Solana's price to target levels between $195 and $241. The technical analysis of Solana's price behavior reveals an upward wedge formation, which eventually gave way to a pullback toward the $155–160 support region. The highest peak was registered around May 23–24, after which a correction phase emerged with increased selling volume.

The Fibonacci extension overlay (0.618 to 1.618) shows that the 100% extension target near $176.46 was reached precisely before the reversal. The price action responded predictably to Fibonacci pivot zones, with support found near the 61.8% retracement of the recent rally. Currently, Solana is trading near $163.9, hovering above the 78.6% Fibonacci level, indicating a potential bounce zone. The volume and momentum profile of Solana show that volume surged during the upswing to $178, particularly during the breakout from $152. The retracement phase witnessed declining volume, suggesting a lack of conviction among sellers. The RSI and MACD indicators would likely indicate a cooling-off period with potential for trend continuation upon confirmation.

Resistance levels lie at $170.5 and $178, with psychological resistance at $180. Strong support is situated at $160.7 and further down at $152.2. A sustained close above $165 would strengthen the bull case, while a dip below $152 could suggest a trend reversal. The bullish outlook for Solana is supported by its strong meme coin culture, which gives it a unique edge, especially during bullish market conditions. However, investors should remain cautious and monitor the price action closely, as the cryptocurrency market is known for its volatility and unpredictability.