Solana shows signs of strength after retesting $175 | Credit: Hameem Sarwar
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Key Takeaways
Solana has surged above $175, signaling renewed strength in its uptrend
The CMF and AO suggest a continuation of SOL’s bullish momentum.
SOL’s price is within an ascending channel, with a potential move higher.
After falling below the threshold on July 31, Solana’s (SOL) price has surged above $175 again. This development occurred after the altcoin’s market value increased by 3.75% in the last 24 hours.
The breakout signals renewed strength in SOL’s uptrend, with traders expecting higher highs in the days ahead. In this analysis, CCN analyzes whether SOL’s market value can continue to increase.
Solana Shows Healthy Setup
Towards the end of July, Solana’s price climbed to $205, sparking hopes it could challenge its all-time high. However, that momentum faded, and by early August, SOL had slipped to $157.
Now, the tide appears to be turning once again. On the 4-hour chart, SOL is trending upward and has recently retested the $175 level.
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Adding weight to this bullish shift, the Chaikin Money Flow (CMF) has risen to $0.19, indicating a healthy inflow of buying pressure.
If this CMF strength continues alongside price stability above $175, it could set the stage for a potential push toward higher resistance zones. Within this timeframe, the key resistance levels to watch are $181.34 and $193.89.
A break above these zones could confirm further bullish momentum for Solana. Beyond the CMF’s strength, the Awesome Oscillator (AO) has also climbed back into positive territory.
This shift indicates bullish momentum is building, which could help prevent SOL’s price from slipping below the $161.62 support.
SOL Price Trades in Ascending Channel
On the daily chart, the latest rebound has positioned SOL within an ascending parallel channel — a pattern that indicates a sustained uptrend.
This structure reflects higher highs and higher lows, signaling buyers consistently stepping in to support the price at stronger levels.
The bias remains bullish as long as Solana’s price holds within this channel. Each successful test of the lower boundary potentially raises the next leg.
Additionally, the Relative Strength Index (RSI) has broken above its resistance trendline and crossed the 50.00 neutral line, reinforcing the bullish bias.
This dual breakout suggests that buying strength is building, as the RSI’s position above 50 reflects a market environment where demand is outpacing supply.
If the RSI continues to trend upward, it could further validate SOL’s position within the ascending parallel channel. Should this trend remain the same, Solana’s price might break the channel’s upper trendline.
A move like that might drive the altcoin toward $218.78 at the 0.618 golden ratio level. Once this happens, SOL might look to surge to $252.33.
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.
