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Solana Price Consolidates Near $160 as SOL Traders Watch for Breakout Above $170
The Solana (SOL) price has consolidated near the $160 mark, with traders closely monitoring for a breakout above $170. The recent pullback of 4.25% has led to a brief consolidation phase, with bulls defending key support levels.
As the market awaits further clarification, it appears that SOL’s correction has likely come to an end. A veteran financial trader, Matthew Dixon, shares his view on the current price structure. According to Dixon, the previous drop from Solana’s all-time high of $295 demonstrates a completed five-wave bearish impulse. Additionally, he suggests that the correction ended at $95.86 following a triangle pattern and a sharp flush lower.
Dixon highlights the importance of the $126 support level and warns about potential renewed bearish pressure if SOL falls below this threshold. He also emphasizes the need for a clean breakout above $175 to confirm the start of an uptrend.
In terms of technical analysis, the current RSI sits within a neutral range between 46–56, indicating that Solana still has room for upside before encountering overbought conditions. There is no divergence in momentum, which further suggests potential for continuation higher if support holds and volume returns.
Although short-term risks remain due to the possibility of rejection near the $160 to $170 resistance zone, the overall market setup favors a continuation higher if support levels are maintained and trading volumes increase.
As SOL traders eagerly await the next move, it is crucial to pay close attention to Solana’s price structure and the potential for a breakout above $175.
Source: blockonomi.com
