Solana (SOL) has been trading within a narrow range above $165 throughout August, following a strong upward move earlier this year. The asset’s consolidation phase comes amid growing interest from institutional holders, a surge in decentralized finance (DeFi) integrations, and new product developments — all of which are reshaping market sentiment.
Key Technical Support Zone
On-chain data reveals a Golden Cross formation on SOL’s daily chart, where the 50-day moving average has crossed above the 200-day line — a traditionally bullish signal. A potential pullback to the $160 zone aligns with both the 200-day EMA and a critical ascending trendline, reinforcing this region as a major support zone.
Technical analysis highlights a support range between $161 and $166. If bulls successfully defend this area, SOL could challenge the next resistance levels at $189 and $206. According to market analyst Mary Emerald, a sustained rally could propel SOL as high as $256, representing a 60% increase from current levels.
Market Momentum and Key Indicators
Despite SOL’s impressive recovery — up nearly 50% from this year’s lows — some caution remains. The MACD indicator remains in negative territory, suggesting that bearish momentum still dominates. A shift in momentum would be signaled by a decisive MACD crossover and rising trade volume, particularly around the $189 resistance level.
Ecosystem Catalysts: Solana Mobile and Web3 Utility
The recent global release of the Solana Mobile Seeker smartphone — now shipping in over 50 countries — has bolstered investor confidence. The device features hardware-level security, isolating private keys and seed phrases from the app layer, while offering full Web3 functionality. This innovation enhances Solana’s appeal to developers and strengthens the use case for the SOL token within its ecosystem.
Price Forecast
The latest projections indicate that SOL could rise 5.28% to $173 by September 5, 2025, assuming the price remains above the $166 support level. Over the past 30 days, SOL has posted 16 green days with an average volatility of 7.66%. The Fear & Greed Index currently stands at 50, indicating a neutral market sentiment.
Should buyers manage to push SOL above $189 on strong volume, the path may open toward higher targets of $220 and potentially $300. However, failure to maintain support could result in a deeper correction toward $58, a previously tested support
