Solana is showing strength as it breaks above the key level of $171—a price point that previously acted as supply and is now serving as a solid demand zone. This level is significant for buyers, as holding above it could pave the way for a price increase in the coming weeks.
Crypto analyst and investor Carl Runefelt recently shared a technical analysis showing that Solana's current price action remains bullish as long as it maintains support above this threshold.
The ability to turn previous resistance into support for Solana reflects increasing demand, which could act as a catalyst for the next upward move. The market is closely monitoring these moves, and the next few days are expected to be very important for Solana.
If SOL maintains its trajectory above $171, it could spark optimism about a prolonged upward trend. Investors are likely to closely monitor Solana's price action, as any change below this level could alter the short-term outlook for one of the most promising assets in cryptocurrency.
Solana Checks Liquidity
Leading investor Carl Runefelt recently shared his insights on X, emphasizing the importance of Solana's head and shoulders pattern. In his analysis, Runefelt notes that a successful retest of the neckline will confirm the strength of the bullish trend.
Runefelt's chart analysis indicates that as long as SOL remains above the neckline, the expected bullish momentum is likely to continue, with a price target set by him at $202 in the short term.
This potential bullish move has attracted the attention of both investors and traders, who are viewing the $202 level as a reachable target if the current bullish trend continues. Runefelt's analysis highlights that the neckline serves as a critical support level—one that, if maintained, could drive strong buying interest. However, any break below this neckline could alter momentum, potentially leading to a more cautious outlook.
With the head and shoulders structure forming, the price action of Solana will be very important in the coming days. A successful retest of the neckline could drive continued growth, potentially pushing SOL to new highs.
SOL Price Action
Solana (SOL) is trading at $172, continually rising as it targets higher supply zones. To maintain this bullish momentum, SOL buyers need to push the price above the critical resistance level of $180. This $180 level acts as a major resistance threshold, and breaking through it could trigger a FOMO (fear of missing out) buying wave, further pushing the price higher. This psychological level could attract increased interest from traders, who view a clear breakout as a signal for more profits.
However, maintaining this bullish trend is essential. If SOL cannot hold the support above $171, there is a likelihood of a pullback to the lower demand zone. This move could bring SOL back to test the support level closer to the previous low, potentially slowing the current uptrend.
For traders and investors closely watching, the next moves around the $171 and $180 levels are key indicators. A strong breakout above $180 could signal continued strength in Solana's price action. A drop below $171 would indicate weakness, suggesting a pause or temporary pullback in the recent price increase.