Solana price nears $175 as bulls push for breakout above key resistance
Solana price is testing a pivotal technical barrier after staging a sharp V-shaped recovery from the $160 area. The cryptocurrency is trading near $174–$175 and challenging a descending trendline drawn from the late July high around $206, a supply line that has rejected every rally over the past two weeks.
Highlights
- Solana trades at $174–$175, testing a trendline from July highs near $206.
- EMA cluster at $169–$172 forms a rising base as price compression builds.
- Break above $178 could target $185 and $192–$195 in the short term.
A decisive daily close above this trendline for SOL would shift momentum toward buyers and open the upper end of the recent trading range.
Compression builds above EMA cluster
The short-term moving average structure has strengthened, with the 20- and 50-period EMAs curling upward near $169–$170, the 200 EMA aligning at $170, and the 100 EMA at $172. This tight clustering signals price compression under spot, a condition that often precedes a directional expansion. As long as Solana holds above $170 on dips, bulls maintain an edge, using the EMA zone as a base for potential follow-through toward $176–$178. Clearing that range would likely trigger a test of $181–$183, with $185 as the next significant supply shelf.
SOL price dynamics (Source: TradingView)
Support remains layered at $171–$172 and $167–$169, with deeper demand at $160–$162. A breakdown through $160 would disrupt the higher-low sequence that has formed since late July and bring $155–$158 into view, followed by the $148–$152 base that fueled last month’s rally.
Spot flows remain measured despite rebound
On August 8, net outflows totaled about $7 million while Solana traded around $174.50, underscoring a cautious spot market backdrop. Flows in recent weeks have been modest compared with the aggressive inflows seen earlier in the year, suggesting that breakouts may require price confirmation before attracting momentum buying.
The near-term path of least resistance improves if price can secure acceptance above $176–$178, potentially paving the way for a run toward $192–$195, where sellers capped advances in July. Conversely, failure at the trendline and a slip below $172 would return focus to the EMA cluster at $169–$170.
In our last coverage, we noted Solana’s bullish potential hinged on defending the $160 base and reclaiming the $170 pivot. The recent move has met both conditions, placing the market at the threshold of a trendline breakout that could decide the next multi-week direction.
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