Solana Surges 18% to $181, Stalls at $184–185 Resistance
Solana surged 18% in a week, climbing above a descending trendline to reach $181. However, trading volume dropped 10%, hinting at profit-taking near the $184–$185 resistance zone. On-chain data show $15.18 million in SOL inflows to exchanges on August 9, signaling potential selling pressure. Liquidation clusters highlight support at $174 and stiff resistance at $184. Technical indicators leave room for upside: the RSI sits at 57, below overbought territory, while the Supertrend at $190.33 keeps a bearish bias. Traders need a daily close above $185 to aim for the $256 target (nearly 40% upside). Failure to hold current levels may trigger a pullback to $174 or a period of consolidation. Active traders should monitor resistance tests and volume rebounds to gauge renewed bullish momentum in Solana.
Bullish
The 18% price rally and an RSI reading of 57 indicate sustained bullish momentum for SOL, supported by on-chain strength despite a 10% drop in trading volume. Short-term, a decisive close above $185 is critical to extend gains toward the $256 target, while failure to hold $174 could trigger a pullback or sideways action. Long-term, piercing the $184–$185 barrier would unlock nearly 40% upside, reinforcing positive trader sentiment. Conversely, repeated rejections at resistance may lead to consolidation, dampening upward momentum.