Solana’s price jumped from $128.34 to $145 after a ceasefire agreement between Israel and Iran.
After briefly dipping below its realized price of $132.35, SOL reclaimed it, indicating strong support.
With RSI rising and the price nearing the 20 EMA, Solana’s price may test $171.76 or even higher.
Solana’s (SOL) price has broken out of a one-week downtrend following news of a ceasefire agreement between Israel and Iran. Like most assets in the crypto market, Solana’s price declined after geopolitical tensions in the Middle East rose.
But today, the trend changed after U.S. President Donald Trump confirmed that both parties had agreed to lay down their arms for now. As a result, SOL climbed to $145, with indicators showing that the altcoin’s value could climb higher.
Here’s what could be next for the altcoin if peace remains intact and market momentum continues to build.
Solana Reverses Trend on Ceasefire News
Solana’s price traded downward between June 16 and 23. During that period, it fell from $157.84 to a low of $128.34. However, as of this writing, the altcoin has rebounded to $145.
As seen below, SOL’s price hit this level after it broke out of a descending channel. This recovery appears partly driven by a geopolitical ceasefire between Israel and Iran, which helped ease broader market tensions.
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On Monday, June 23, U.S. President Donald Trump announced via his Truth Social account that both nations had agreed to maintain peace and mutual respect, contributing to a renewed demand for risk assets like SOL.
Amid the breakout, the Moving Average Convergence Divergence (MACD) has flashed a bullish crossover. In this instance, in blue, the 12-period Exponential Moving Average (EMA) has crossed above the 26-period EMA (orange).
This indicates that buyers are regaining control. If sustained, Solana’s price could continue to rally, especially as the green line of the Supertrend indicator has positioned below the price.
Key Metric Turns Support
Supporting the bullish momentum, on-chain analysis from Glassnode shows that Solana has once again climbed above its realized price, a key metric reflecting the average on-chain cost basis for holders.
On Sunday, June 22, SOL’s value dropped to $131.93, slipping just below its realized price of $132.35. That signaled a brief return to bearish territory and indicated notable resistance.
However, the subsequent rally to $145 invalidated that downside risk, suggesting that the realized price now supports Solana’s price increase.
Like the 4-hour chart, the daily chart also seems to have presented a bullish bias. From the image below, Solana’s price is on the brink of rising above the upper trendline of the descending channel.
If successful, the altcoin could soon break above the 20-period Exponential Moving Average (EMA). This outlook is further supported by the rising Relative Strength Index (RSI), which indicates increasing bullish momentum.
Should SOL successfully clear this hurdle, it may test resistance at $171.76. A confirmed breakout at that level could pave the way for a rally toward $195.33, representing a 35% gain from the current price.
However, if SOL fails to breach the 20 EMA, the bullish thesis may weaken. In that case, the altcoin risks falling below the lower trendline of its falling channel, potentially sliding toward $125.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
