The weekly price chart of Solana revealed that the altcoin was likely to rally to $300 after testing the 2024 lows just under $120. On the way higher, the $183, $200, and $225 levels could pose stern resistance to SOL bulls.
The first attempt to scale the $200 resistance since February was a failure. Solana [SOL] bulls tried to establish a foothold, but were denied, and SOL fell 20.19% in price to the swing low at $155.83.
This was nearly a week ago, on the 2nd of August. Since then, Solana has followed Bitcoin [BTC] and Ethereum [ETH] higher, rallying 13.4% in under a week.
The 1-week chart showed that Solana tested the liquidity around the $100-$120 mark in March earlier this year. The bulls defended this area well, forcing a bullish structure shift over the summer.
Since the lows at $120 have been tested, the next long-term price target is the $260-$290 region.
The weekly chart showed that SOL is poised for such a rally. The local resistance at $200 could delay the bulls’ progress, but the coming months were likely to prove bullish for the altcoin.
Throughout 2025, the $180 area has been an important horizontal supply/demand zone. It acted as support till February, then as resistance in May, and again at press time.
The bulls forced a breakout in July but were unable to defend it as support.
Despite the retracement to the 61.8% support at $156, the OBV maintained its bullish trend, was was above the May highs. This showed that buying pressure during recent weeks was high, and supported the idea of further gains for Solana.
The price tested the 50-day Moving Average as support and bounced from the $150 region, aligning with a key Fibonacci retracement level.
The RSI was trying to climb back above neutral 50. With the upward trend of the OBV, it was fair to say that Solana bulls have the upper hand.
A move beyond $183 and $200 is likely in the coming weeks, provided Bitcoin and Ethereum do not suffer a deep retracement.
