Solana Is Quietly Strengthening – Will This Trade SOL Price Reach $180 This Week?

Solana, the 5th largest crypto, is one of the most popular symbols among market participants. As the price was trading strongly from the beginning, neither the network chaos nor the sell-off could limit the rally for long. The current trade setup suggests that the price is stuck in a range, indicating that the bulls are preparing for a move to higher territory.

For the first time since January 2022, the platform has opened a new chapter by achieving $6 billion in TVL. A low increase in TVL of less than $500 million indicates a significant increase in merchant confidence and widespread adoption. This, along with the wider memecoin movement, kept the chain momentum straight.

Now the price of SOL is at resistance around $168, a breakdown can lead to a high continuation from $176, which can increase to $191. However, this trade could pay off if the Bulls can break the rampant hitting trend.

The price of SOL on the 4-hour chart suggests that the token is about to pull back a bit. The price is testing the support in the area at $164.55 and is experiencing some bearish influence with a sharp increase in selling. Therefore, there is a high probability of falling to the lower support of the higher wedge, which coincides with the critical support zone between $160 and $161. However, short-term technicals have reached their peak and may soon be reversed for the bulls.

The selling pressure has started to pile up and may indicate the lowest support before the weekend. This is expected to attract a large amount of buying, perhaps because the business is entering the last week of the month, which is volatile in most cases. Therefore, Solana (SOL) price is believed to close the October trade above $170 and may reach $180 in the first few days of November 2024.