Solana Price Analysis: Crucial Support Test, $128.50 or $170 Next?
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Solana (SOL) is currently undergoing a critical test, consolidating between $145 and $160. While recent weeks showed bullish momentum, the inability to break above $160 raises concerns. Analyst Carl Runefelt highlights a rising channel pattern, suggesting a potential breakdown if support fails. A break below the channel could send SOL to $128.50, a key support level previously tested in May. Conversely, a decisive break above $160 could propel SOL towards retesting local highs around $170-$180. The current price action reflects broader market uncertainty, with low trading volume suggesting traders await a clear breakout direction. Solana's price is below the $150 level, representing a 20% drop from its May high, yet it maintains a strong support base. The $150-$160 zone is a key resistance area; breaking above it could reignite upward momentum. The 100-day moving average near $155.60 and the 200-day moving average above $165.54 act as dynamic resistance levels. Holding above the $140 support level is crucial for bulls to maintain the recovery structure. The coming days will be pivotal in determining whether Solana continues its upward trend or experiences a significant price drop. The $145 level serves as immediate support; a break below could trigger a move towards $128.50. Reclaiming the $150 level would be a significant positive sign, potentially setting the stage for a move towards $170-$180. This consolidation period highlights the uncertainty in the broader market, with investors awaiting a decisive breakout or breakdown to inform their trading strategies.
