Why Solana’s $300 target hinges on breaking THIS resistance
Key Takeaways
The weekly value chart of Solana revealed that the altcoin was prone to rally to $300 after testing the 2024 lows slightly below $120. On the way in which larger, the $183, $200, and $225 ranges might pose stern resistance to SOL bulls.
The primary try and scale the $200 resistance since February was a failure. Solana [SOL] bulls tried to determine a foothold, however had been denied, and SOL fell 20.19% in value to the swing low at $155.83.
This was practically per week in the past, on the 2nd of August. Since then, Solana has adopted Bitcoin [BTC] and Ethereum [ETH] larger, rallying 13.4% in underneath per week.
Solana is about to rally towards $300 by the top of the 12 months
Supply: SOL/USDT on TradingView
The 1-week chart confirmed that Solana examined the liquidity across the $100-$120 mark in March earlier this 12 months. The bulls defended this space properly, forcing a bullish construction shift over the summer time.
For the reason that lows at $120 have been examined, the following long-term value goal is the $260-$290 area.
The weekly chart confirmed that SOL is poised for such a rally. The native resistance at $200 might delay the bulls’ progress, however the coming months had been prone to show bullish for the altcoin.
Supply: SOL/USDT on TradingView
All through 2025, the $180 space has been an essential horizontal provide/demand zone. It acted as help until February, then as resistance in Could, and once more at press time.
The bulls pressured a breakout in July however had been unable to defend it as help.
Regardless of the retracement to the 61.8% help at $156, the OBV maintained its bullish development, was was above the Could highs. This confirmed that purchasing strain throughout current weeks was excessive, and supported the concept of additional features for Solana.
The worth examined the 50-day Shifting Common as help and bounced from the $150 area, aligning with a key Fibonacci retracement stage.
The RSI was attempting to climb again above impartial 50. With the upward development of the OBV, it was truthful to say that Solana bulls have the higher hand.
A transfer past $183 and $200 is probably going within the coming weeks, offered Bitcoin and Ethereum don’t endure a deep retracement.
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion
