TLDR:
- The Solana price trades at $159.64 with bulls defending support after a brief 4.25% pullback.
- Weekly range held between $149.89 and $167.86, with a 9.7% drop in trading volume.
- RSI stays neutral with upside room, as price structure hints at a completed correction.
- Analysts point to $126 support and $175 breakout level as key to SOL’s next direction.
The Solana (SOL) price hovers around $160 after a brief rally, with bulls showing signs of regrouping for a possible breakout.
Market data shows a short-term pullback, but overall sentiment remains tilted toward a bullish continuation. Trading volumes are lower, suggesting reduced activity, yet price stability near key support hints at potential upside.
Analysts point to a completed correction cycle, which may signal the early stages of a stronger move higher. Price action in the coming days will likely confirm whether Solana resumes its upward momentum or slips into further consolidation.
Solana Price Analysis
According to CoinGecko, SOL is priced at $159.64, reflecting a 4.25% drop in the last 24 hours. However, the token still gained 5.48% over the past week. Its trading range remained between $149.89 and $167.86 across the week, with a 24-hour range of $158.92 to $168.18.
Trading volume fell by 9.7% in the same period, dropping to around $11.66 billion. This decrease may suggest cooling momentum or profit-taking near resistance zones.
Despite the slowdown, market sentiment remains largely optimistic, with traders watching for a decisive move above $170.
Data from CoinCodex forecasts a potential 5.41% price increase by mid-August, targeting $168.72. Their analysis shows a bullish sentiment score and a Fear & Greed Index reading of 73, indicating growing investor confidence.
Over the last 30 days, Solana recorded gains on 50% of the trading days with a mild 5.03% price volatility. This steady performance has kept traders alert for any signal of a breakout, especially as technical patterns suggest room for upside.
SOL Price Chart Structure Points to Completed Correction
Veteran financial trader Matthew Dixon shared his view on the current price structure.
He described the previous drop from Solana’s all-time high of $295 as a completed five-wave bearish impulse. Moreover, he added that the correction likely ended at $95.86 following a triangle pattern and a sharp flush lower.
Since then, SOL has rallied back to the $160 range and is now in a consolidation phase.
$SOL ATH $295.
The drop from the high shows a clear 5-wave impulse down, confirming a completed bearish cycle.A complex correction followed, with a Wave B triangle and post-triangle thrust lower to $95.86, which likely ended the entire correction as a Wave C.
The market has… pic.twitter.com/4lC4MlgYjj
— Matthew Dixon – Veteran Financial Trader (@mdtrade) July 15, 2025
Dixon suggests that if Solana holds above $126 and breaks past $175 with strong volume, it could trigger a move toward $220. He highlighted $140 to $145 as a key support zone and warned that a fall below $126 could signal renewed bearish pressure.
The current RSI sits in a neutral 46–56 range, giving Solana room to move higher before facing overbought conditions. Momentum remains intact with no divergence, and traders are monitoring closely for an RSI breakout above 70 to confirm a new rally phase.
Short-term risks include rejection near the $160 to $170 resistance zone. However, the overall market setup favors a continuation higher if support holds and volume returns.
The post Solana Price Consolidates Near $160 as SOL Traders Watch for Breakout Above $170 appeared first on Blockonomi.
Source: https://blockonomi.com/solana-price-consolidates-near-160-as-sol-traders-watch-for-breakout-above-170/