Solana’s price rebounded from the $155 support and is now trading above $162 with signs of a bullish breakout. A vital trend line has emerged around $165, and Other short-term indicators indicate momentum. Since Solana is facing resistance at $170 and $172, the traders are paying close attention to the decisive upside move.
Bullish Pattern Forms as Solana Targets Key Resistance Levels
Solana’s price gained strength after bouncing off the $155 level, similar to Bitcoin and Ethereum’s recent recovery. The price surpassed the mark of 160 after moving above the $162 resistance level with ease. This advance took Solana above the 100-hour simple moving average, creating more bullishness.
The one-hour chart of the SOL/USD pair depicts apparent trendline support setting up at about $165. Moreover, the Solana price has passed the 23.6% Fibonacci retracement level of the drop from $182 to $155. This breakout indicates that traders are becoming more confident since they now have their eyes focused on the $170 resistance level.
Nonetheless, the area of resistance around $170 fits with the 50 percent Fibonacci of the recent decline. The second obstacle is $172, which may dictate further significant change. If the Solana price climbs past $172, it might rally further toward $180 and beyond.
Solana Derivatives Data Backs Bullish Market Outlook
Solana price sentiment also aligns with positive derivatives data, showing traders are favoring upside over downside risk. CoinGlass reported a shift in the funding rate to +0.0006% on Tuesday, indicating longs are paying shorts. This positive funding rate has historically preceded notable price increases.
The current open interest data also shows fewer short positions than longs, signaling lower expectations of a sharp decline. Additionally, past funding rate flips from negative to positive, which often leads to short-term rallies. Traders remain cautious, but technical signals suggest room for upward movement.
Analyst Ted Pillows said Solana price could reach $900 in the next few months after a brief dip to $140. “The network’s strong transaction data supports this forecast,” he posted on X, where he has over 190,000 followers. This reinforces a bullish longer-term view, although resistance levels remain critical in the near term.
On-Chain Metrics and Meme Coin Surge Boost Solana Price
As reported by blockchain analytics firm Artemis, Solana’s price also benefits from increased network activity. In July 2025, Solana entered the Top 5 by DApps in terms of monthly transactions with 3.5 billion. This constituted a 17% growth compared to June and a 67% growth compared to July 2024.
The boost in popularity of Solana-based meme tokens such as Bonk, Pudgy Penguins, and Fartcoin sparked this activity. Canary Capital’s attempt to create an ETF dedicated to Pudgy Penguins also helped it gain investors’ trust. These developments have revived interest within the Solana ecosystem.
On-chain performance is becoming solid support for the ongoing changes in the price. With positive momentum building and investor attention growing, the Solana price has the potential for more upside. Nevertheless, traders will keep a close eye on resistance at 172 and 180.
Summary
Solana is performing well above $162, with an upbeat trend line and technical indicators in effect. In the short term, the prices at $170 and $172 could act as resistance, and closing above such values could see the price hit around $180. Positive funding rates, good on-chain activity, and higher interest in meme coins are driving bullish market sentiment.
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FAQs
What is the current Solana price trend?
Solana price is currently bullish, trading above $162, with support at $165 and potential to break resistance at $172.
What is the main resistance area that Solana should keep on eye?
The primary support zones are $170 and $172. We can tighten above these, which would result in increasing above $180 and $192.
What could trigger a Solana price decline?
A drop below $162 may push Solana price toward the $155 support. Any decline below 150 may indicate more losses.
What is the bullish Solana case?
Technical indicators, positive derivatives data, and strong on-chain activity support a bullish short-term Solana price forecast.
What influence are meme coins having on Solana?
Meme tokens such as Bonk and PENGU have expanded the Solana network transactions and caught the attention of investors, who have raised prices.
Glossary of Key Terms
Solana (SOL): A high-speed blockchain platform known for low fees and fast transactions.
Fibonacci Retracement: A technical tool used to identify support and resistance levels.
Funding Rate: A periodic payment between long and short traders to keep futures prices in line with spot prices.
Open Interest (OI): Total number of outstanding derivative contracts that have not been settled.
Trend Line: A line drawn on a chart to indicate support or resistance direction.
References:
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
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