Solana is currently trading around $168, showing a period of consolidation after some recent volatility. The price has been hovering in a tight range over the past few hours, which often signals that a bigger move could be on the horizon. With the broader crypto market showing mixed signals, SOL’s ability to hold this level suggests it’s gathering strength, but traders should stay alert for a breakout.
Recent News:
Solana’s ecosystem has been buzzing lately, with its decentralized finance (DeFi) sector showing solid growth, total value locked (TVL) recently jumped from $7.5 billion to $9.6 billion as of May 2025. This uptick reflects growing confidence in the network’s high-speed, low-cost transactions. On the flip side, over 1.4 million SOL tokens were unstaked in the past week, adding some selling pressure.
Meanwhile, Bitcoin’s stability above $100,000 provides a supportive backdrop for altcoins like SOL, though any sudden market shifts could sway the momentum.
Technical Analysis:
Solana is sitting just above the 50-hour moving average at $165, which is acting as a short-term support. The 200-hour moving average at $160 offers a stronger safety net below. As long as the price stays above $165, the short-term trend leans bullish.
A bullish flag pattern seems to be forming, hinting at a potential upward breakout. If SOL pushes past the $170 resistance, it could aim for $180 next.
The RSI is at 55, showing neutral momentum with room to climb before hitting overbought territory. The MACD is teasing a bullish crossover, which could confirm stronger upward pressure if it completes.
Watch $165 as key support, with $170 as the immediate resistance. A break above $170 opens the door to $180, while a drop below $165 might test $160.
SOL is at a pivotal moment on this 1-hour chart. Positive network developments and a stable broader market give it a bullish edge, but the recent unstaking adds a layer of caution. If the price clears $170, a run to $180 looks likely, especially with technical indicators tilting upward. However, a failure to break resistance could see it retest $165 or lower. Traders should keep an eye on volume and the $170 level—any surge there could signal the next big move!