Solana (SOL) rallied 18% within a week, reaching $181 by August 9. It renewed hopes that it would break past the key $184–$185 resistance level. Breaking past it could lead to a 40% advance toward $256, say analysts. A close above it would constitute a significant trend reversal.
Despite a slight pullback, SOL’s longer-term outlook remains optimistic. After dropping nearly 10% recently, the token still gained 10% over three months. Buyers remain active, as indicated by a 10% decline in SOL held on centralized exchanges. The withdrawal often signals accumulation and strong demand.
SOL’s price crossed above its exchange supply trendline, a pattern linked to past rallies. The last time this happened, SOL jumped from $173 to $205 within a week. Additionally, CME futures data show steady institutional interest, even as prices softened, hinting at bullish divergence.
Breaking $185 could unlock upside potential
On August 9, the SOL price went up by 3.05% in 24 hours, marking the third consecutive day of gains. However, the trading volume fell by 10%, indicating that the investor’s sentiment was not very strong, and they were cautious at these levels. The drop in volume could be signaling uncertainty, taking profits, or positioning carefully before testing resistance.
According to CoinGlass data, there were $15.18 million worth of exchange inflows during this uptrend, implying that some investors were willing to sell at higher prices.
Liquidation data showed $174 as a support level and $184 as an important resistance level. The disproportion between $436.74 million long and $23.79 million short liquidations indicated that bullish sentiment was dominant.
The level of $185 is still the point where something great or terrible will happen. Successfully going beyond it might be the threshold that opens up Solana’s full potential to the upside. Not being able to overcome this obstacle could result in the release of some profits or a deeper valley. Volume and on-chain metrics should be closely monitored by investors for confirmation.
Solana targets $200 and beyond gains
The technical chart displays a golden cross from the 100-day and 200-day EMAs, a signature buy signal. Such a sign, of that kind, has been the source of numerous upward price moves.
As a crypto analyst, Ali posted on X that the combination is the origin of a prevailing upward trend for Solana.” Some bullish predictions go so far as to foresee SOL reaching $200 quite soon, while others set the target at $250 or even at $340.
The optimism first comes from positive sentiment for Ethereum that is still spreading to other altcoins. The cross-chain inflow volumes reaching $200 million, with $113 million coming from Ethereum, are providing Solana with additional support for its expansion.
