Liquid Collective has just launched a new liquidity staking token called Liquid Staked SOL (LsSOL) on the Solana (SOL) network, marking an important step in the strategy to expand the ecosystem. This initiative is backed by several industry giants such as Coinbase, Kraken, Galaxy, Anchorage Digital, and Fireblocks — clearly demonstrating the growing confidence of institutional investors in Solana's long-term potential.
LsSOL is designed to meet the strong interest wave from financial institutions, amid the market's high expectations for the SOL spot ETF to be approved soon by regulators in the US.
With a noticeable increase in institutional capital inflow, can SOL break out and surpass the important resistance levels above? Let's analyze the technical chart to find the answer.
SOL Price Prediction
The price of SOL has completed the inverse head and shoulders pattern by breaking above the $159 mark on Thursday, and the bulls have successfully maintained this level during the subsequent retest.
The 20-day Exponential Moving Average (EMA) is currently turning upward at $157, while the Relative Strength Index (RSI) is approaching the overbought territory — indicating that the path of least resistance is upward.
If the bulls can maintain the price above the $168 threshold, the SOL/USDT pair may continue to move towards the upper resistance area at $185. It is likely that the bears will fiercely defend this area, as a breakout could lead to a strong rise to $210.
However, this positive scenario will become invalid in the short term if the price turns around and breaks below the moving averages. In that case, this currency pair could drop to $144, or even lower to $137.
The bulls have recently successfully prevented the bears' effort to pull the price below the $159 mark — indicating that the $159 level has been transformed from resistance to support. Buying pressure continues to strengthen as the price rises above $169. If this trend continues, the price could move towards the resistance area of $180-$185.
Time is running out for the bears. They must quickly pull the price back below the $169 mark to 'trap' investors buying at high levels. At that point, the price could slide back down to $159. The trend will shift towards the bears if the $155 mark is broken.