NewsBTC reports that Solana is undergoing a significant trial this week, with its price oscillating in a narrow band between $145 and $160 since the beginning of the week. This price behavior indicates robust purchasing activity, but it also shows bulls’ struggles to push the price beyond higher thresholds. Despite Solana maintaining above the key support, it must decisively overcome resistance to signal a bullish surge and maintain its ascending trend.
Recent market trends have been in favor of bulls, but Solana’s failure to cross the $160 mark casts doubt on this trend’s robustness. Renowned analyst Carl Runefelt highlighted that Solana is currently moving within a rising channel pattern. While this pattern typically indicates a bullish market, a failure in support could lead to a fall to lower demand zones, making the coming days crucial for SOL’s direction.
As the macroeconomic landscape improves and Bitcoin teases new record highs, it is anticipated that Solana will follow suit. However, technical indicators urge caution. A fall below the rising channel might target the $128.50 support area, whereas a successful surge above $160 could open the path to rechallenging local highs. Both traders and investors are keenly observing Solana’s next move in this high-stakes consolidation phase.
At present, Solana’s price is below the $150 mark, reflecting a significant 20% drop from its local peak in May. Despite this, the asset maintains robust support, indicating that bullish sentiment is still present. The broader market continues to be in a consolidation phase, with Solana demonstrating signs of uncertainty as it moves sideways within a narrowing price band.
Analysts remain cautiously optimistic, noting that a breakthrough above the key $150–$160 supply area could ignite renewed upward momentum. However, the current pricing structure suggests Solana might not be ready to challenge its previous highs. Runefelt mentions that Solana’s movement within a rising channel could lead to sharp price fluctuations if broken.
While rising channels can support bullish continuation, a breakdown below the lower trendline often leads to accelerated downward movements. Runefelt alerts that if Solana falls below the channel, the next significant support area is around $128.50. This level has historically served as a powerful demand zone and could be the next target if a bearish move occurs.
In the meantime, Solana’s consolidation mirrors broader market ambiguity, with traders awaiting a clear breakout or breakdown to inform their positions. A successful reclaim of the $150 level would enhance sentiment considerably, potentially paving the way for a push towards the $170–$180 range. Conversely, the inability to maintain above current levels may shift the narrative towards further downside risk.
Solana (SOL) is trading at $147.62, moving sideways within a tightening range and forming a potential rising channel pattern. The daily chart shows that SOL has been unable to decisively break above the $155–$160 resistance area, while robust support remains near the $140 level. Price activity shows repeated rejections near the 100-day moving average (blue line), which now acts as dynamic resistance around $155.60. The 200-day moving average (red) is further above at $165.54, marking a long-term resistance area.
Volume remains relatively low compared to the spikes seen in early June, suggesting market participants are awaiting a clear breakout direction. A push above $160 would likely stimulate bullish momentum, potentially opening the door towards the $170 level. However, the rising channel identified by analysts suggests a potential downside risk if the lower trendline is breached.
If Solana falls below the $145 support and exits the channel, the next target would be the $128.50 area, which previously served as a demand zone in mid-May. Until then, bulls must defend current levels and aim to reclaim the 100-day SMA to maintain the broader recovery structure. The coming sessions may offer clarity as consolidation nears its resolution.
