Solana (SOL) on Verge of Reversal? $180 Looms Ahead

Solana is preparing for its bounce back as the asset hits the gas pedal near the $170 level, possibly changing the trajectory. Hopefully, the price level mentioned in the heading of this post turns out to be prophetic shortly. Recent price action does seem to suggest that Solana might be preparing for a significant breakout as it tests the $180 level in the near future.

Now, turning the light on to technical indicators, there are plenty of buy signals in the price of Solana on the daily chart. The price has held properly on top of the 50-day moving average, which stands as a significant support in an uptrend rally. RSI pointing upward still has room to go until it reaches 70 and currently is above the 50 level, indicating rising buying pressure.

Meanwhile, volume has risen aggressively over the last few days, an indication of growing demand and investor confidence in the future of Solana. The MACD indicator also holds that the bullish signals stay intact as the MACD line travels above the signal line. Of course, the road to $180 will be extremely thorny for Solana, with the first critical resistance lying around $175, where the price has met resistance in the past.

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If Solana manages to cross this, then the next target becomes the $180 level. If Solana further manages to break this level, then the bull rally might push even even higher to eye the $200 level. Investors have a positive outlook before the Ethereum ETF. The analysts believe that the next in line for an ETF is Solana. But it should be wiser to wait when the confirmation of the Ethereum ETF is here.

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Arman Shirinyan