Monday, August 11, 2025, is a bullish day for the cryptocurrency market, with Bitcoin returning to the key level of US$ 120,000. Solana, while not recording significant daily gains, is accumulating significant weekly gains.
At the time this article was written, SOL was trading at US$ 179, with daily losses of 0.3%, weekly gains of 8.7%, and monthly gains of 12.5%.
Analyst Ali Martinez highlighted a classic chart pattern that could project levels of up to US$ 1,315:
« Solana (SOL) aims for US$ 1,315 after launching a classic cup and handle pattern! »
What is driving the current levels of SOL?
Interestingly, most major altcoins are registering small daily losses despite Bitcoin's rise, suggesting that capital may be concentrated in BTC.
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If the leading cryptocurrency maintains its momentum or consolidates at these levels, the outlook for SOL and other relevant altcoins may remain favorable. However, if BTC advances while altcoins lag behind, this may indicate weak overall momentum and BTC movement with little broad support.
For now, the sentiment is bullish: despite the current correction, Bitcoin reached US$ 122,000 again in recent hours, a sign that a new high may be near.
In the macroeconomic scenario, this week may add uncertainty to the cryptocurrency market with the release of the US CPI and PPI data. These reports may influence the Federal Reserve's (Fed) decision on a rate cut next month.
The cryptocurrency market reaches its highest market capitalization in history.
Technical Analysis: Key Levels for SOL.
SOL maintains significant bullish potential, staying above the key level of US$ 175. This support must hold to maintain the trend; otherwise, bearish pressure may arise in the short term.
SOL chart analysis.
Key resistances:
US$ 186: immediate area with double top formation.
US$ 191: intermediate range with selling pressure, although not decisive.
US$ 200: Major psychological barrier that will require high volume to be surpassed.
Supports to monitor:
US$ 178: immediate support with double bottom; a breakout would weaken the optimistic outlook.
US$ 167: solid level that coincides with the double bottom and the low of August 7.
US$ 155: extreme point, possible target if previous levels give way.
The RSI at 35 points suggests that SOL is approaching oversold territory, which may favor short-term recoveries.
Relevant data on Solana.
Open interest in SOL derivatives fell 2% to US$ 9.76 billion, while traded volume decreased 1.37% to US$ 24.5 million. These numbers reinforce optimism regarding the asset.
The funding rate weighted by open interest is at 0.0011%, reflecting a balanced sentiment with a bullish bias.
SOL is developing a five-wave pattern with price projections at US$ 332 and US$ 351 based on Fibonacci extensions.
At historical levels, SOL is still trading 39.3% below its all-time high of US$ 294.33.
Risk Warning: All my posts are for informational purposes only and should not be interpreted as investment advice under any circumstances.