SOL Price Today: Solana Bulls Target $241 Despite Recent Drop

TLDR:

• SOL faces key resistance at $178, with upside potential toward the $241 level.
• Solana has dropped over 12% this week but maintains a bullish structure from $95.
• Current support at $163 is vital for bulls to prevent further downside pressure.
• Analysts see consolidation as the setup for the potential rally if key levels hold.

Solana price action lately has seen the cryptocurrency consolidate below a pivotal resistance level. The digital asset faces mounting pressure at key technical levels while maintaining underlying bullish momentum. 

Market participants closely monitor price movements as SOL approaches a critical decision point. Technical analysts highlight the importance of current support and resistance zones. Trading volume remains robust despite recent price fluctuations across the broader cryptocurrency market.

SOL Price Tests Key Resistance Zone

Joe Swanson, a prominent cryptocurrency analyst, identifies crucial resistance at the $178 level for Solana. 

The token has been forming higher lows while pressing against this supply zone, suggesting sustained buying interest from market participants. SOL maintains its bullish structure from the $95 swing low, indicating continued upward momentum despite recent consolidation.

$SOL is consolidating just below key HTF resistance at $178, forming higher lows and pressing into supply. Bullish structure from $95 remains intact.

$241 — next major resistance.

Watch $175–$178 apex zone closely. #Solana #SOL pic.twitter.com/ehi2P0U0l7

— Joe Swanson (@Joe_Swanson057) May 29, 2025

The analyst points to $241 as the next major resistance target, representing potential upside of approximately 35% from current levels. This projection aligns with technical patterns observed in the daily and weekly timeframes. The $175 to $178 range serves as a critical apex zone where selling pressure may intensify.

Recent market data reveals Solana trading at $162.87 with substantial daily volume exceeding $4.4 billion. 

The cryptocurrency has declined 5.71% over the past 24 hours and dropped 12.45% during the previous week. These movements place SOL slightly below the $163 support level that traders consider crucial for maintaining bullish momentum.

Weekly trading ranges show Solana fluctuating between $163.25 and $186.79. Market participants watch for either a reclaim of support or a potential breakdown to lower levels. Immediate resistance sits at $173.18, followed by the weekly high of $186.79 that SOL tested earlier this period.

Solana Analysis Points to Critical Juncture

Analyst Hov provides additional perspective on Solana’s price structure, noting the complexity of recent price action. 

The trader suggests current movements could represent either a continuation pattern or a corrective phase in the broader uptrend. Key support levels require testing to confirm their validity as foundation points for future rallies.

$SOL

Since our last update SOL has drifted higher above our immediate resistance level and given us the htf close above we were looking for

That said, it’s a bit sluggish here and price action has become a bit more complex so here’s what I’m watching

The most recent price… pic.twitter.com/jMkWIt8hYl

— Hov (@HovWaves) May 29, 2025

The analyst emphasizes that successful defense of support levels could propel SOL toward new all-time highs. 

However, failure to maintain these crucial zones might trigger deeper corrections. Risk management remains paramount as traders navigate these uncertain market conditions while positioning for potential opportunities.