Solana ($SOL ) holds firm above $166 with strong support between $161 and $166, forming a critical zone for bullish price action.
A whale withdrawal of $12 million worth of SOL to a DeFi platform signals growing investor confidence in Solana-based self-custody.
Phantom’s acquisition of Solsniper expands DeFi capabilities, potentially increasing activity across the Solana network.
Solana ($SOL )began August trading above a key support zone around $166, maintaining this level over recent weeks. Market analysts are closely tracking the consolidation
pattern as it coincides with rising interest in decentralized finance on the
Solana network.
Mary Emerald, a well-followed crypto analyst, pointed to a bullish continuation
setup on Solana’s daily chart. She noted a Golden Cross formation and a
retracement toward Fibonacci level 0.5 at $166.38, aligning with both the
200-day EMA and a failed trendline.
Support Between $161 and $166 Draws Attention
The current price range between $161 and $166 has emerged as a significant zone of buyer support. Emerald highlighted this range as crucial for confirming bullish
momentum. If the price holds this area, Solana could advance toward $206 and
potentially reach the projected level of $255.93.
Recent market action supports this forecast. Solana previously rallied more than 56%,
and the present structure suggests a similar rally could follow, potentially
adding 61% in value.
Indicators Show Mixed Momentum
Despite the bullish setup, technical indicators remain cautious. The MACD histogram
continues to reflect negative momentum. Resistance levels at $189.49 and
$206.13 remain critical. A decisive break above these points would support a
confirmed upward trend, while a drop below $158 could undermine the bullish
scenario.
Solana’s ($SOL )broader ecosystem has also shown strength. Phantom, a major wallet provider on Solana, has acquired Solsniper, a memecoin and analytics patform.
This move is expected to improve infrastructure for retail and DeFi users,
potentially increasing user activity and on-chain volume.