Solana is currently trading around $174, slightly below its short-term resistance. Recent data shows attempts to recover from the support zone at $171.
Analysis of Current Market Situation
On the daily chart, Solana price shows an overall strength. After a prolonged downtrend earlier this year, the price has reclaimed major moving averages and is now consolidating just below the key psychological resistance level at $180, suggesting a potential breakout.
Technical Analysis on the Hourly Chart
The hourly chart indicates short-term caution. After a local high near $183, a mini head-and-shoulders pattern has formed along with a dip below the 50 and 100 SMA, which now act as resistance. However, the price found support around the 200 SMA at ~$172, stabilizing the situation.
Conclusions and Further Projections
If Solana breaks above $181 with sufficient volume, it could signal a rise towards $200. Conversely, if support at $171 fails, it may revisit the $165 area, indicating a need for careful observation of the current situation. Overall, the bullish market structure favors growth predictions.
Solana price is approaching a pivotal moment, and its future movement will depend on whether it can hold support at $171 and break through resistance at $181.
