$SOL Price at Crossroads: Will Solana Price Top $160 Next Week? - CoinPedia Analytics

With a bullish recovery in the daily chart, the SOL price trend is revealing a strong footing in the $125 support zone. Following the recent recovery over the last weekend, the Solana price has shifted sideways this week between $130 and $140. 

Following the 2.74% jump last night to make a bullish engulfing candle, the intraday pullback puts Solana on a back foot. Currently, it is trading at $134 with an intraday pullback of 0.97%, struggling to surpass the $140 mark. Despite the recent dip, the V-shaped reversal in SOL price signals a potential upside continuation this week. 

In the 4-hour chart, the SOL price reveals a potential rounding bottom reversal with a neckline at $138. Based on last week’s price action, the crucial resistance levels for Solana are present at $147 and $160 above the neckline. Meanwhile, the crucial supports are present at $131 and $125. The SOL price stands at a crossroads as the recovery run takes a sideways shift near the neckline. 

Despite the recent whale sell-off, the overall sentiment for Solana remains bullish. The uptrend bullish breakout of $138 will likely result in the SOL price jumping to the next resistance at $147, with increased chances of reclaiming the $150 psychological mark.  Furthermore, the FOMC meeting next week is likely to boost the crypto market and increase the chances of Solana hitting the $160 mark. On the flip side, the support level at $131 is likely to stand strong this week.