Here's an updated look at Solana (SOL) after it reached ~$158:

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📈 Current Price Overview

SOL is currently trading at around $158, equivalent to $24,970 for 158 Solana coins.

Throughout the day, the price moved between $149.6 and $158.5, approaching strong resistance at ~$158–159.

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Technical Indicators and Analysis

SOL experienced a sharp decline of ~4.5% after repeated failures to break through the resistance level at $158–159, with strong support currently near **$152–153**.

A technical pattern such as the "inverted double bottom" suggests a potential bullish rebound if resistance at $158 is surpassed, which could drive the price toward **$200**.

TradingView's site gives a "buy" recommendation, supported by simple and moving average convergence and momentum indicators.

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Potential Scenarios

Scenario Details

🎯 Breaking Resistance If the price exceeds $158–159 with strong trading volume support, SOL could reach $180–200.

⚠️ Failure to Break If the breakout fails, the price may test support at $152–153, or even $150 if selling pressure continues.

🏦 Supply Concerns Delayed events such as the release of 11.2 million SOL from FTX may negatively impact, as seen in February 2025.

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Short-Term Recommendation

Closely monitor the $158–159 and $152–153 levels, as they are key to the price direction.

A strong entry with volume at breakout can indicate the potential for a strong upward wave.

Conversely, a drop below $152 may open the door to $144–150.