Solana Price Prediction: Is SOL Breakout Past $180 Now in Play?

In a volatile crypto market, Solana (SOL) price regained momentum lately. After surging 17% over the past six days through Friday, it rose from a low of $142 to $166 as of June 11. 

Such a rebound places SOL in an important resistance area. The technical indicator, DeFi usage, and ETF-related developments were all favoring additional gains.

As investor engagement increases and fundamentals improve, Solana price seems ready to challenge critical levels in the coming days.

Solana Price Eyes $180 After Reclaiming Support

The latest upward trend in Solana price is the result of a successful bounce off the $142 support zone. This recovery has restored the confidence among traders. The volumes have gone up by over 40% in a day, as indicated by CoinMarketCap.

At press time, SOL price was approximately $158 and tested a crucial horizontal resistance area between $165 and $170.

Technical analyst Posty highlighted a breakout setup showing Solana price reclaiming previous demand zones and forming higher lows. The structure favored a short-term rally up to the level of $180.

SOL Price has overcome the first resistance and now approaches mid-term consolidation zones. A bullish close above $170 would be a good indication that momentum is continuing, and the next technical target would be $180.

This follows the bullish structures on the 4-hour chart, and a clean break and retest sequence is developing.

As long as the altcoin maintains this bullish market structure, Solana price is expected to hold its upward trajectory.

Analyst Showed Bullish Structure for SOL Price With $220 Target

Furthermore, analyst Immortal strengthened the bullish thesis. In his analysis, he showed a classic inverse head-and-shoulders pattern developing around the $155-$160 area. This reversal formation indicates that the bottom of a new uptrend is being formed.

The chart also included a projected move showing Solana price rising to $220.62, representing a potential 39% upside from the current price.

Meanwhile, the immediate support of $153 -159 has been tested several times, which speaks of accumulation. The pattern’s neckline aligns closely with the $166 level currently being contested.

The chart risk-reward box highlighted an 8.1 to 1 reward ratio, which is a good example of asymmetric reward potential in favor of buyers.

This structure, combined with increasing trading volumes, supports a breakout continuation scenario. That is if SOL price stays above $159 and clears $170 on higher timeframes.

Network Activity Supports Bullish Outlook

In addition, Solana’s fundamentals support the ongoing rally. According to DeFiLlama data, Solana’s DeFi Total Value Locked has increased by $860 million over the past five days to $8.81 billion.

Interestingly, such a rise underscored a previously unseen level of on-chain activity, users interacting with decentralized exchanges and liquidity protocols.

Adding weight to this, DEX volumes on the Solana network almost doubled, with an increase of $1.53 billion on June 8 to $2.95 billion on June 11.

The price action has more supporting volume and liquidity surge, and bullish breakouts are more sustainable.

Increased activity is not limited to traditional DeFi. Trading meme coins on Solana blockchain also saw an increase, with the SOL-based meme coin market cap increasing by 6.7% over the last 24 hours. This speculative activity has historically preceded larger moves in Solana price.

ETF Approval Optimism Adds to On-Chain Momentum

On the regulatory front, spot Solana ETF approval odds have climbed to 61%, the highest since January, according to Polymarket.

This increase follows the U.S. Securities and Exchange Commission’s demand for updated S-1 registration statements of ETF issuers, as the regulator takes a step forward in the examination procedure.

Should regulatory developments proceed, a spot ETF launch can result in additional capital flows into SOL. In the meantime, the new development provides a solid macro story to the already positive technical and network indicators.

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