Solana (SOL) Eyes Explosive Price Rally: Crucial $180-$185 Resistance Holds the Key to Bullish Breakout, But There’s a Catch

Ted, a crypto expert from TedPillows highlights the significance of the $180-$185 resistance zone for Solana (SOL). He underscores that a failure to overcome this level may prompt a revisit of the $150 support, a crucial price floor SOL has relied upon in recent trading sessions. Yet, if SOL manages to hold above this support, it could gather enough momentum to challenge the resistance once more.

SOL’s Price Analysis

The inverse head and shoulders pattern, a classic technical formation, has drawn attention from several market watchers as highlighted in Ted’s SOL daily price chart. This pattern typically signals a reversal from a downtrend to an uptrend, with its three parts, a low (the head) sandwiched between two higher lows (the shoulders). 

For SOL, this formation suggests potential upward momentum, contingent upon breaking through the neckline resistance, which currently resides in the $180-$185 range. This level is pivotal for confirming a bullish reversal.

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The Next Major Resistance: $200

Further analysis from Daan Crypto Trades, a crypto analyst, highlights SOL’s recent departure from a critical weekly support region, indicating mounting bullish momentum as it nears the next key resistance at $200. The swift move away from this support presents a positive outlook, potentially setting the stage for SOL to challenge its previous all-time high. 

However, the $200 level poses a crucial barrier for SOL to embark on a rally. Success in surpassing this resistance could fuel a notable price surge, attracting more investors and propelling SOL to new heights. Conversely, failure to break through could lead to prolonged consolidation or a possible decline to lower support levels.

Read also: PENDLE Price Analysis: Key Indicators Reveal Bullish Trajectory, But Can the Token Maintain Momentum?

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.