Solana Price Targets $300 as Key Levels Hold Steady

Solana Price Faces Resistance: Will a Rally to $300 Follow?

Solana price has encountered several key levels that continue to shape its price action. The recent price action has revealed rejections and potential support levels. Analysts are eyeing the vital support area of $176 that could create a bull trend targeting the $300 level.

Solana Price Faces Rejection at Key Resistance Levels

Analyst Ali highlighted that Solana price is facing repeated rejection at higher price levels. The price has been unable to push through the resistance area around $207, and this has led to a rejection. 

According to the analyst, the best entry point value would either be the decline to the $176 level or a rally past the $207 price level. Breaking out above $207 may generate substantial bullish gains, with the price reaching the target of $300.

SOL/TetherUS Perpetual | Source: X

The ascending triangle formation shown on the chart indicates that the altcoin price is gradually building up pressure, creating a potential for a breakout. If SOL price manages to hold above the support at $176 and breaks the $207 resistance, the price could see a swift rise. Ali's target remains $300, indicative of a robust trust in Solana's long-term uptrend. 

Liquidity Is Building in Key Zones

Solana price is currently trading around $189.34 after being rejected at the $205–$206 resistance zone. The market is seeing the beginning of a pullback cycle with liquidity building in the middle of the range, $189. 

This phase occurs after the inability to play at the resistance and results in current price action. Analyst BitGuru also mentioned a robust response that would follow the demand zone at $172-$176, which had the possibility of supporting a future rally.

SOL/TetherUS 4H Chart | Source: X

The price chart indicated the existence of a double bottom, indicating looming upward movement so long as support at the $172-$176 demand zone holds. Nevertheless, in case the price does not find support at these levels, additional decline may result. 

In spite of this, BitGuru highlighted that the market is in the correction stage and traders should be on the lookout for the demand zone in response to a reversal. 

Furthermore, the recent action taken by Solana has been affected by long liquidations as positions are forced to be closed. Analyst CW also noted that SOL longs got unwound and fell quickly. This only added downward pressure, however, due to liquidations, price corrections are often temporary. 

Even with the sell-off, the long-term prospects of the altcoin are favourable as long as it manages to maintain key support levels.

More so, there has been institutional interest in Solana, which is a positive indicator of its future. Pantera Capital aims to raise $1.25 billion to establish a publicly traded company that will concentrate on SOL. 

This will see a Nasdaq-listed company be converted into a treasury firm whose mission is to accrue $SOL as an asset. The initial half-billion dollars of this increase will cause more demand for Solana.