Solana approaches key $180 resistance, with a breakout potentially targeting $210 and beyond.
Rising open interest and short liquidations indicate growing bullish momentum in SOL futures.
Failure to hold above $180 could trigger correction, while a close above $184 opens a path to $264.
Solana (SOL) is currently trading at $177.63, holding near a critical resistance level. Market watchers suggest that a breakout at this point could trigger a parabolic bull run for the token. Recent data show mixed signals as SOL attempts to sustain upward momentum amid volatile trading.
Price Action and Technical Indicators
According to an analysis prepared by Ali Martinez, Solana has been moving within an ascending parallel channel, recently reaching the mid-price zone near $180. Martinez noted that the $210 level represents the channel’s upper boundary and a potential target if the current trend continues.
The token has shown consistent higher lows, indicating buying interest and steady accumulation despite some resistance. Derivatives data support a bullish view, with open interest rising 24% to $7.3 billion and trading volume increasing 71% to $19.3 billion, according to Coinglass.
https://twitter.com/ali_charts/status/1925866691663139060
Liquidation figures further confirm buying pressure as short positions experienced $10.5 million in liquidations over the past 24 hours, outpacing long liquidations. These patterns suggest that bearish bets are being closed, adding momentum to the upward trend.
Challenges and Market Sentiment
Despite these positive signs, Solana recently faced a pullback after failing to decisively breach the $180 resistance. Crypto Patel reported a drop to $172, describing the move as “working exactly as planned” and noting that continued pressure could push SOL below $150 in the short term.
This resistance has proven challenging, with a failure to hold above it potentially leading to a correction. Meanwhile, some analysts emphasize long-term optimism. The token’s daily moving averages approach a golden cross, which typically signals increased buying pressure.
Additionally, the Relative Strength Index (RSI) is testing neutral to overbought levels, pointing to possible upward momentum if support holds. A close above $184 could open the path toward $264, while a breakdown below $160 may shift the trend bearish.
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