Solana (SOL) has experienced strong upward momentum over the last few weeks. After falling to below $100.00 on April 7, the SOL token managed to revert its bearish momentumn, retrieving some of the value lost after January 18’s high.
This newfound strenght led the altcoin to gain over 85% in value since April 8. As of today, $SOL is trading at $176.81, up by around 5% over the last seven days. This momentumn led the asset to enter a key pivot zone for price action, the $180.00 margin.
Historically, the price zone between $176.00 and $180.00 has served as strong support, or resistance, throught the years. This means that the SOL token has effectively entered a key zone that could determine whether the asset will have another go at new highs, or buyers will eventually succumb to selling pressure.
Now that liquidity is accumulating on that zone, we could see a few different scenarios:
For Traders Looking to Enter
- If SOL breaks above $180 and holds, it may be a sign of strength—especially if it’s backed by high trading volume and a solid daily close above the level.
- Key signs of confirmation: Watch for volume spikes and consistent green candles, signaling strong buyer interest.
- Potential upside targets: If momentum continues, SOL could test $190-$195, with a possible run upward.
- Warning signs: If SOL breaks above $180 but volume stays low, it could be a bull trap, meaning the price might drop back down.
For Traders Looking to Exit or Short
- If SOL struggles to stay above $176 and starts dropping, it could mean sellers are in control.
- Watch for: A rejection from $180, declining volume, and movement below key support levels like $172 and $168.
- Risk management: Traders may consider taking profits or setting stop-loss orders just below support levels to avoid deeper losses.
- Downside targets: If SOL loses momentum, it could retrace toward $160 or lower before finding new buyers.
Final Takeaway
Right now, SOL is at a key decision point. If it pushes past $180 with strong volume and sustained buying pressure, it could open the door for a rally toward $190+. But if buyers fail to defend this level and selling momentum builds, a dip below $176 could signal a shift in sentiment, increasing the risk of further downside toward $172 or even $168.
