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Technical Indicators Align for Solana as Bulls Target $180 Barrier Next

2 mins
Updated by Ann Maria Shibu
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In Brief

  • Solana (SOL) has rebounded nearly 10% after a recent downtrend, climbing to $173 as bullish momentum builds.
  • Technical indicators like the Balance of Power (BoP) and RSI both show increasing buy-side strength, signaling potential for continued upward movement.
  • Key resistance lies at $176.33—if breached, SOL could rally toward $180; failure to hold momentum may trigger a drop back to $158.80.
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Popular altcoin Solana has seen a modest recovery, climbing upward since August 2. Despite earlier weakness, the token has since rallied nearly 10%, reaching $171.91 at press time. 

The uptick suggests a potential shift in sentiment, with technical indicators hinting at a continuation of the uptrend.

SOL Price Recovery Gains Steam

Readings from the SOL/USD one-day chart show a gradual resurgence of bullish momentum among SOL holders. 

For example, its Balance of Power (BoP) is positive as of this writing, indicating that bias is currently skewed in favor of the bulls. It is presently in an uptrend and stands at 0.76.

For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.


SOL BoP
SOL BoP. Source: TradingView

The BoP measures the strength of buyers versus sellers in the market. It compares the price movement within a trading period to determine which side has more control. BoP values typically oscillate between -1 and +1. 

A positive BoP suggests that buyers are dominating, pushing prices higher by closing near the top of the range, while a negative BoP indicates that sellers have the upper hand, closing prices near the bottom of the range.

For SOL, its current positive BoP reading signals that bulls are gaining market control, strengthening the ongoing price recovery.

Furthermore, the climbing Relative Strength Index (RSI) adds to the bullish outlook for SOL. This key momentum indicator currently stands at 51.65, ticking up, indicating a steady rise in buy-side pressure. 

SOL RSI.
SOL RSI. Source: TradingView

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.

At 51.65 and climbing, SOL’s RSI suggests strengthening bullish momentum. Its buyers are gradually regaining control, leaving room for further upside if demand continues to build.

SOL Price Approaches Make-or-Break Moment

A sustained wave of buying pressure could fuel a breakout above SOL’s immediate resistance at $176.33. 

If this level is cleared with strong momentum, SOL may be poised to push past the psychological barrier at $180, opening the door to further gains.

SOL Price Analysis.
SOL Price Analysis. Source: TradingView

However, a shift in sentiment or renewed profit-taking could prevent this. If bears regain control, SOL’s price risks a pullback toward the $158.80 support level, erasing recent gains.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Abiodun Oladokun
Abiodun Oladokun is a Technical and On-Chain Analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment...
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