Solana Aims for $170 as It Seeks Reversal
Solana gained almost 5% on Friday but is down 10% over the week. Analysts predict it will move toward a $165 target, a 13% increase in the next week. Despite Ethereum’s institutional backing, Solana is gaining ground through partnerships and blockchain apps.
Technical indicators show Solana (SOL) might experience a trend shift. At $149.92, it coudl climb 13% to reach $170. Above this, key resistances include $200 and $218.40. The RSI reads 39, and the OBV indicates a bullish divergence. This suggests the SOL price might change in the coming week.
Solana could find support at $143.25. But what could drive this rally?
- Bybit partnered with Circle, Tether, Solana, and Sui for a blockchain education project called Ecopedia.
- The sector’s market cap fell 5% in 24 hours due to the Trump-Musk conflict.
- Transaction data shows the daily average is steadily rising.
Derivatives data from Coinglass shows $40 million in long positions were liquidated in the last 24 hours. Options volume increased 50%, and the long/short ratio on Binance and OKX exceeds one, indicating bullish bets.
The trump-Musk saga affected Solana and other altcoins as traders became risk-averse. Solana gained on Friday, but whether it can recover its 7-day losses remains unclear.
Standard Chartered sees Solana as “one-trick pony,” dependent on meme coins. But Solana has potential with stablecoins, DeFi, and future partnerships. SOL could move above $187 or below $141 support, depending on catalysts.
