Bearish Solana Tests $162 While $140 Support and $170 Resistance Define Its Roadmap
Solana holds above $162, pressing historical resistance, as its 16-month consolidation signals potential breakout momentum.Support near $140 remains critical for SOL’s bullish structure, while $170 rejection suggests a near-term pullback amid mixed momentum.Long-term accumulation stays intact with higher lows and reclaimed trendlines, but expanding volume is key for a sustained breakout.
Solana (SOL) has remained range-bound for over a year, trading within a tightly compressed bullish consolidation zone. Now positioned above $162, the asset is pressing against historical resistance, while volume metrics show signs of potential exhaustion.
Solana Consolidates Above Historic Accumulation Zones
Over 16 months of ranging between $13.81 and $204.51 have built a clearly defined price base for Solana. Despite fluctuating sentiment, its structure remains firmly bullish as long as trendlines continue holding. Volume contraction and higher lows signal maturing market conditions with breakout potential if momentum persists.
After the breakout phase above $32.77 in early 2023, SOL entered a larger consolidation zone stretching to $204.51. Within that yellow-marked zone, price respected both resistance and support over multiple months. The cryptocurrency currently trades near $162.74, above its ascending trendline drawn from January 2023. This trendline has supported price action through all corrective phases in the past year.
As the Solana price continues pressing against supply, weekly volume has declined steadily. The descending volume triangle, paired with rising price, outlines divergence and suggests market indecision. Still, the lack of breakdown beneath the $116.46 support reflects strength. The $98.00 and $77.39 levels beneath it have previously triggered strong reversals and continue to act as structural backstops.
