Solana (SOL) is on The Way to Hit $172: Technical Analysis
Muhammad Faraz 
SOLana to hit $172
Solana (SOL) continues to trade under significant market pressure, with its price currently hovering around $162.86 against USDT. The recent price action highlights critical support and resistance zones, offering traders potential entry and exit points in the coming days.
Current Market Overview
Solana has recently seen a sharp retracement from its peak levels near $210, falling back into a discount zone where demand appears to be returning. The chart indicates multiple Break of Structure (BOS) and Change of Character (ChoCH) points, reflecting shifts between bullish and bearish trends.
Strong Support Zone
The analysis identifies a strong support area between $150 – $155, highlighted in green. This zone has historically provided significant buying interest, preventing deeper declines. If Solana manages to hold above this level, it could act as a springboard for a potential upward move toward higher resistance zones.
Key Levels to Watch
1. Immediate Support – $164.00
- Price is consolidating just above this minor support.
- A retest of $164 could provide an opportunity for buyers to enter if bullish momentum sustains.
2. Immediate Resistance – $172.00
- Marked as the first resistance level to reclaim.
- A break and sustained move above $172 may trigger a bullish continuation toward $180 – $190 zones.
3. Strong Support – $150.00 Zone
- Crucial psychological and structural support.
- A breakdown below $150 could push SOL into deeper discount zones near $140 or lower.
Technical Insights
- Premium vs. Discount Zones:
The chart divides the price action into premium (above equilibrium) and discount (below equilibrium) areas. SOL is currently trading in the discount zone, historically favorable for accumulation by smart money. - Break of Structure (BOS):
Multiple BOS signals indicate shifting momentum. The latest BOS occurred during the downward trend, but current price behavior shows early signs of recovery. - Volume Profile:
Volume remains moderate, with no significant spikes yet. A volume breakout alongside price movement above $172 would confirm bullish strength.
Price Projection
The price action suggests a short-term bullish retracement towards $172, followed by a potential pullback to retest $164 before deciding the next trend direction. If bulls maintain control, targets above $180 may come into play.
Trading Strategy Considerations
- Bullish Scenario:
Buy dips near $164 – $160 with a target around $172 – $180, placing stop-losses below $150. - Bearish Scenario:
Short positions may be considered if price rejects strongly at $172, aiming for $155 – $150. - Neutral Stance:
Wait for a clear breakout above $172 or breakdown below $150 for confirmation of the next major trend.
Conclusion
Solana’s price is currently at a critical juncture. Holding above $160 – $164 could trigger a rebound toward $172 and possibly higher levels if buying pressure increases. However, failure to sustain above strong support zones may invite deeper corrections toward $150 or even $140. Traders should closely watch these levels, especially with upcoming macroeconomic events and broader crypto market sentiment influencing volatility.
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