Solana (SOL) has been quietly consolidating below key resistance levels, drawing attention from top analysts who suggest that a powerful move could be on the horizon. While Bitcoin and Ethereum have dominated the market spotlight, SOL is showing promising signs of a potential breakout.
Analyst Bluntz notes that after sweeping the lows, Solana is now working on reclaiming support, a bullish pattern that often precedes a strong rebound. This positive sentiment is echoed by market watchers who believe that SOL could lead the next altcoin rally, especially if Ethereum breaks out from its current resistance levels.
Despite recent retracements, SOL’s medium-term outlook remains optimistic. The altcoin is currently trading around $150, searching for renewed demand as it hovers below key resistance levels. Analysts are closely monitoring whether SOL can push back above the $160–$165 range, which could trigger a sharp breakout.
If SOL manages to flip the $180 resistance level into support, the price structure suggests ample room for an aggressive rally. This setup aligns well with rising calls for an altseason, positioning Solana as a leading asset in the next crypto leg up. With its strong developer ecosystem, scalability, and growing DeFi sector, SOL is poised to attract fresh capital and capture the market spotlight.
Currently, SOL is testing key support levels as price action stalls below $160. Facing pressure from the $180 resistance level, SOL is hovering just below key moving averages, signaling a breakdown in short-term bullish momentum. Volume has decreased, indicating uncertainty among buyers and sellers amid market volatility.
The 200-day moving average at $179.73 remains a major resistance level for SOL to reclaim in order to resume a bullish structure. However, the $150–$156 zone now acts as a critical demand area, with a close below $150 potentially leading to deeper corrections. Despite the current weakness, the longer-term trend remains neutral-to-bullish as long as SOL holds above the 100-day SMA around $144.58.
In conclusion, Solana’s setup for a breakout remains strong, with analysts cautiously optimistic about a potential rebound if market conditions stabilize. As focus shifts from major cryptocurrencies to altcoins, SOL could emerge as a key player in the upcoming altseason. Stay tuned for further developments as Solana continues to navigate the crypto market landscape.
Featured image from Dall-E, chart from TradingView