Solana Shows Potential Short-Term Bullish Momentum Near $165 Resistance Amid Trendline Break

  • Solana (SOL) demonstrates promising short-term bullish momentum after breaking its 8-hour downtrend, targeting the critical $165 resistance level amid controlled trading activity.

  • The cryptocurrency’s RSI and price action suggest strengthening buyer confidence, with intraday supports holding firm and volume indicating steady market participation.

  • Market analyst Bluntz highlights the significance of Solana’s breakout, noting that momentum and ecosystem interest are aligning to potentially sustain upward movement.

Solana breaks its downtrend with strong momentum, eyeing $165 resistance as RSI and volume confirm short-term bullish strength in a maturing market.

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Solana’s Technical Breakout Signals Renewed Bullish Potential

Solana’s recent breach of its 8-hour declining trendline marks a pivotal shift in its price dynamics, replacing a persistent bearish pattern with a nascent bullish structure. This breakout interrupts the sequence of lower highs that has constrained SOL since early June, positioning the cryptocurrency for a potential rally toward the $160–$165 resistance zone. While the broader crypto market remains cautious, Solana’s price action and technical indicators are signaling a controlled and measured upswing.

Analyst Bluntz underscores the breakout’s importance, emphasizing that the move above the downtrend line, combined with renewed activity within the Solana ecosystem, reflects growing buyer confidence. The bullish candle that propelled SOL from $148.14 to $152.73 disrupts the previous downtrend pattern, suggesting that momentum may accelerate in the near term.

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RSI and Volume Patterns Confirm Strength Without Overextension

Examining Solana’s Relative Strength Index (RSI), Bluntz notes an intraday peak of 61.23, settling around 57.08—indicative of strengthening momentum without entering overbought territory. This balanced RSI reading supports the sustainability of the current rally. Additionally, the presence of tight bid-ask spreads near $151.35–$151.36 signals active liquidity and controlled trading, reducing volatility risks and fostering a stable environment for further price appreciation.

Despite trading well below its April high of $200, SOL’s ability to reclaim and hold above $151 is a positive technical development. Successfully surpassing the $160–$165 resistance could unlock a broader continuation pattern, attracting momentum traders and institutional interest alike.

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Intraday Price Stability Reinforces Support Levels Amid Market Rotation

Throughout June 29, Solana exhibited a balanced intraday range between $149.50 and $152.80, demonstrating resilience amid minor selling pressures. Initial dips below $150.20 were swiftly countered by midday recoveries, with the session closing near $150.70—comfortably above critical support levels. This price stability reflects a maturing market structure characterized by lower volatility and more disciplined trading behavior.

Volume metrics corroborate this stability, showing consistent participation without speculative surges. Since early 2024, Solana’s trading profile has evolved toward a more stable base, with decreasing excess volume and tighter price ranges. This consolidation phase suggests that SOL is forming a foundation for potential upward movement, supported by a series of higher lows and a firming trendline.

Key Support and Resistance Levels Define Solana’s Near-Term Outlook

The critical question for traders is whether Solana can maintain its breakout above the $150 zone and mount a challenge toward the $165 resistance. Bluntz highlights that defending this breakout level is essential to sustain bullish momentum and attract further buying interest. Conversely, failure to hold above $150 could expose SOL to a retracement toward the $140–$145 support range, underscoring the importance of intraday price action in shaping near-term trends.

Overall, Solana’s technical setup leans bullish but remains sensitive to rejection at key resistance points. Market participants should monitor volume and price behavior closely to gauge the sustainability of this emerging uptrend.

Conclusion

Solana’s breakout from its 8-hour downtrend and subsequent price stability signal a promising short-term bullish setup, with the $165 resistance level serving as a critical test. Supported by balanced RSI readings and steady volume, SOL appears poised for potential gains, provided it can defend key support zones. Investors and traders should watch for confirmation of sustained momentum while remaining mindful of possible pullbacks to $140–$145. This measured optimism reflects a maturing market environment where technical discipline and ecosystem developments converge to shape Solana’s trajectory.

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Source: https://en.coinotag.com/solana-shows-potential-short-term-bullish-momentum-near-165-resistance-amid-trendline-break/