TLDR
- SOL price is consolidating near $175 after breaking above the $162 resistance level
- Technical analysis shows a bullish pennant breakout with a projected target of $212
- Strong correlation between SOL price movements and global liquidity trends
- SOL has maintained a weekly bullish trend for six consecutive months
- The $175-$180 zone remains a critical support level for continued upward momentum
Solana has been showing remarkable strength in the cryptocurrency market, with price action that has caught the attention of traders and analysts alike. Recent data suggests that SOL could be positioning for another leg up after consolidating near the $175 level.
SOL started a fresh upward move after forming support above the $150 level. The cryptocurrency gained momentum and broke above both the $155 and $162 resistance levels.
However, sellers became active as the price approached the $180 mark. SOL reached a high of $180.10 before entering a brief correction phase.
The price dipped to around $169.53 before showing signs of recovery. SOL is now trading above $172 and the 100-hourly simple moving average.
Technical charts reveal a short-term rising channel forming with support at $172 on the hourly chart. This pattern suggests continuing bullish sentiment in the short term.
Global Liquidity Correlation
One of the most compelling factors supporting a bullish Solana price prediction is its correlation with global liquidity trends. Data pulled from GMI’s Total Liquidity Index shows a clear relationship between SOL price action and broader liquidity cycles.
Solana follows Global Liquidity. pic.twitter.com/tkyi8n23XV
— curb.sol (@CryptoCurb) May 9, 2025
This correlation indicates that as global liquidity increases, SOL often responds positively. Given current liquidity trends, this macro factor could provide additional tailwind for Solana’s price.
After a major rally of almost 25% in April, Solana continues to show strong relative strength compared to other Layer 1 blockchains.
Technical analysis from market experts highlights a bullish pennant breakout on the daily chart. This continuation pattern projects a target near $212, suggesting the upward trend is ready to resume after a healthy consolidation phase.
#Solana Daily TA targets $212 out the Bullish Pennant pic.twitter.com/LncbFLskWV
— MartyParty (@martypartymusic) May 9, 2025
Volume has started to increase, and the price structure shows SOL making higher lows, which typically indicates growing buyer interest in the market.
Key Support and Resistance Levels
The $175 to $180 zone remains crucial for Solana’s short-term price action. Maintaining position above this range could open the path toward the $212 target identified in technical analyses.
On the downside, if SOL fails to climb above the $176 resistance, it might experience another decline. Initial support sits near the $172 zone, with major support at $170.
A break below $170 could send the price toward the $162 level. Further weakness could push SOL down to the $150 support zone.
The liquidation activity around the $172-$174 region is intensifying. According to data from CoinGlass, this zone contains numerous high-leverage positions, both long and short.
#Solana $172 – $174 👀
Liquidations are higher now! pic.twitter.com/wXOYlKuRFI
— Jesse Peralta (@TheJessePeralta) May 10, 2025
Such liquidation clusters often act as price magnets and can trigger increased volatility when price enters these zones.
While near-term fluctuations are expected, Solana has demonstrated impressive resilience by maintaining its weekly bullish trend for six consecutive months.
This consistent strength stands out in a market where many alternative cryptocurrencies have struggled to maintain positive momentum.
The MACD indicator for SOL/USD is gaining pace in the bullish zone, and the RSI remains above the 50 level, suggesting continued bullish momentum.
Major resistance levels to watch include $176, $180, $185, and $192. Breaking above $185 could accelerate the upward movement toward the $200 psychological level.
The combination of technical setups, macro liquidity tailwinds, and sustained weekly strength makes Solana one of the more interesting cryptocurrencies to watch in the coming weeks.
If SOL continues to hold above key support levels around $175, it appears well-positioned to target higher levels, potentially reaching $212 as technical patterns suggest.
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