After touching the critical support at $142, Solana bounced higher, managing to gain 5%, although it then fell to around +2% in the afternoon. However, SOL is down 3% on the weekly data and almost 9% on the monthly basis and stands at $157 at the time of writing.
Solana rises above $160: but meets first resistance
Despite the recent surge to $160, Solana (SOL) is not out of the woods yet. It still needs to confirm the break above $162 to start a recovery even in the long term. This is a level that the SOL token failed to break even during the last rally on June 3.
SOL had reached an RSI score of 67 last night, but it dropped overnight to 59 this morning.
The RSI (Relative Strength Index) is a technical indicator used in the analysis of the cryptocurrency market to evaluate the strength of the price movement of an asset. The RSI oscillates between 0 and 100, and helps identify overbought (RSI > 70) or oversold (RSI
Solana shows encouraging bullish signs
The recent rejection at the $162 level could simply indicate that the market is taking a breather before moving higher again. In fact, SOL is likely to bounce to the nearest support at $155 and retest the $160/$162 area.
While it’s not a great time for Solana in terms of price, its blockchain is showing encouraging signs, with the number of active addresses appearing to be recovering. This could give it the push it needs to reach new heights.
In the coming hours, SOL is expected to test the resistance at $162 several times. If it manages to overcome it, it could benefit from further inflows from investors. If it fails, we will have to keep an eye on its support at $142.
Popular crypto analyst “Ali” is also bullish on $SOL. In a Twitter post, he warned of a triangle formation that could lead to a breakout, which could lead to a breakout above the $164 level.
Beware of Solana ETFs
A major boost for SOL could come from ETFs. Some of the biggest names in the financial world, including Franklin Templeton , Fidelity , Grayscale , VanEck , Bitwise , 21Shares and others, have already applied for a spot ETF on SOL.
The SEC is expected to respond in October, although a decision could come sooner.
According to polling site Polymarket, the “Solana ETF approved in 2025?” option currently has a 78% chance, with over $146,700 wagered on the bet.
Additionally, Bloomberg ETF analyst Eric Balchunas has repeatedly stated that he expects a number of new crypto spot ETFs to be approved by the end of 2025.
