Solana Surges 20% to $176, Reclaims Key Fibonacci Level

Solana's price experienced a significant surge, rising over 20% and reaching an intraday high near $176 before slightly retreating to around $172. On the weekly chart, SOL has successfully reclaimed the 0.5 Fibonacci retracement level at $156, which previously served as mid-cycle support. This reclaim opens the possibility of retesting the 0.382 Fib level at $189, the next major resistance barrier in Solana’s recovery trajectory.

The bullish momentum in Solana's price is driven by a clean breakout on the 4-hour chart, where the price surged past multiple horizontal resistance zones, notably the $162–$167 band. This technical shift indicates that bulls are absorbing previous selling zones with volume, marking a strong bullish trend.

Momentum indicators on the 4-hour chart remain strongly bullish. The price is trading well above the 20/50/100/200 EMAs, with the shortest EMAs fanning out upward, confirming the trend. The Bollinger Bands are widening, reflecting rising volatility, and the upper band is now pushing above $181. This suggests that if bulls retain control, a move toward that band is likely in the next 24 hours.

On the 30-minute chart, the RSI is cooling from overbought territory, currently near 57, and the MACD shows weakening histogram bars despite remaining in bullish territory. This short-term loss in momentum could cause consolidation between $168 and $174 before any fresh leg higher. The upper resistance near $175–$176 is further reinforced by a descending trendline on the intraday chart, suggesting bulls may need more volume to breach it decisively.

The short-term breakout has been fueled by a combination of strong technical structure and momentum shift across altcoins. Solana’s clean break of $160 triggered cascading buys, with confirmation from mid-timeframe trendline breaks and volume surges. Moreover, Solana price today is trading above its 50-day moving average for the first time since early April, which adds to the bullish tailwind.

On the daily chart, SOL has left behind a strong bullish engulfing candle with volume that wipes out the past week’s consolidation. Should the price sustain above $167, the next critical hurdle lies at $175, and a successful breakout there could set up a drive toward $189 — the 0.382 Fib retracement.

Looking ahead, Solana price will likely face short-term resistance near $175–$176. A decisive break above this level could accelerate gains toward $181 and possibly $189 in the near term. However, a rejection here would likely send price back to the $162–$167 region, which now acts as a key support zone. A loss of $162 could expose lower levels like $155 and even $147, though current indicators favor the bulls.

This Solana price update follows previous coverage where the $155 level was highlighted as a critical support — a level that now appears firmly reclaimed. With EMAs aligned and mid-timeframe RSI still supportive, the bias remains bullish for now.