Technical analysts identify descending trendline resistance with higher-timeframe targets reaching $180 to $480 in Wyckoff reaccumulation scenario
Solana currently trades at $136.37 after gaining 1.23% in the past 24 hours. The price movement comes as Franklin Templeton, a $1.67 trillion investment firm, filed Form 8-A with the Securities and Exchange Commission for a potential Solana exchange-traded fund.
The filing represents an effort to provide regulated exposure to Solana without requiring direct cryptocurrency purchases. This development reflects growing institutional interest in the smart-contract blockchain platform.
Crypto analyst Curb.sol first reported the regulatory filing. The proposed ETF could increase liquidity and market recognition for Solana if approved by the SEC. Franklin Templeton positions itself at the forefront of cryptocurrency investment products with this move.
The weekly price chart shows Solana reached peak levels between $200 and $250 in late 2024 and mid-2025. The token has since dropped to test the lower Bollinger Band at $128.60. The current price sits below the mid-level Bollinger Band at $188.80, indicating a downward weekly trend.
The Relative Strength Index stands at 39.69, below the neutral 50 level. This reading suggests the asset approaches oversold conditions and selling momentum may slow. Short-term consolidation or a minor pullback could occur, though the dominant trend remains bearish while price stays beneath the mid-Bollinger Band.
Traders are watching two key levels. Support exists at $128, while resistance appears at the $188.80 mid-band level. A break in either direction could determine the next major price movement.
Crypto analyst Ali identified strong resistance at $142 through on-chain analysis. Approximately 13 million SOL tokens accumulated at this price level in the past. This concentration creates a supply wall that could prevent upward movement.
The $142 level represents a critical point between bulls and bears. A firm rejection at this price could cause a pullback to lower support levels. However, a clean break above $142 could open the path toward further gains.
Large token accumulations like this typically influence short-term price action. Cost basis heatmaps confirm dense supply sitting just above current prices. This cluster increases the likelihood of profit-taking each time Solana approaches the zone.
Another analyst, Gordon, highlighted a descending trendline controlling Solana’s short-term movements. The price structure shows consistent higher lows forming on shorter timeframes. This pattern suggests pressure building against the resistance line.
A decisive close above the diagonal barrier could push Solana toward the $145 to $148 region. DevKhabib noted that recent rejection at $141 indicates buyers lack strength for a clean breakout. The market may revisit the $127 support area before any sustained move higher.
Trader Tardigrade presented a macro view suggesting Solana undergoes a Wyckoff-style reaccumulation phase. The analysis outlines a multi-phase structure with initial breakout targets around $165 to $180. Full completion of the pattern projects long-term upside between $360 and $480.
