Solana (SOL) Price: Robinhood Relaunches Staking as Bulls Test $162-$167 Resistance Zone

TLDR

• Solana faces critical resistance at $162-$167 zone that has capped multiple rally attempts
• Robinhood relaunched SOL trading with staking support in the U.S. after dropping it in 2023
• FTX unstaked 190,000 SOL worth over $31 million, raising questions about potential selling pressure
• Technical patterns suggest breakout targets of $180, $185, and potentially $218-$220
• Exchange outflows and short liquidations of $555K support bullish momentum

Solana is testing a critical resistance zone between $162 and $167 that has repeatedly blocked upward moves. The cryptocurrency currently trades around $162.30 as market participants watch for a decisive breakout.

Robinhood recently reintroduced SOL trading with staking capabilities for U.S. users. The platform had removed Solana in 2023 when the SEC labeled it an unregistered security.

This development marks a shift in regulatory tone. The return to Robinhood provides easier access for retail investors to stake SOL without navigating DeFi platforms or managing self-custody wallets.

Technical Patterns Point Higher

Multiple technical formations suggest higher prices if resistance breaks. An inverse head and shoulders pattern has formed below the $162 level.

A cup and handle pattern also appears on the daily chart. The cup bottomed near $131 while the handle consolidates below the $166 neckline.

Solana Price on CoinGecko

Market analyst CW notes the $162 to $164 range has become a thick selling wall. Price has been making higher highs and higher lows beneath this zone.

The ABCD harmonic pattern projects a potential move to $218 if the current bullish leg continues. This target aligns with previous resistance levels.

FTX Wallet Activity Raises Questions

On-chain data shows an FTX-linked wallet unstaked nearly 190,000 SOL worth over $31 million. The timing coincides with renewed retail momentum from the Robinhood announcement.

While the transaction isn’t necessarily bearish, it introduces uncertainty about potential selling pressure. Market participants are monitoring whether this represents a strategic move or the beginning of larger distributions.

Exchange data shows consistent spot outflows totaling $7.58 million on July 13th. Investors appear to be withdrawing SOL from exchanges, reducing immediate selling supply.

This pattern typically reflects long-term holding behavior. Fewer tokens on trading platforms create conditions that favor upward price pressure.

Short liquidations spiked to $555,000 on July 13th compared to just $71,000 in long liquidations. The imbalance suggests bearish traders were caught offside.

Most short liquidations came from Binance and Bybit. These forced buybacks often act as catalysts for price surges near key resistance levels.

The 1.618 Fibonacci extension sits near $178, providing another upside target. Bulls defending the $157 support level strengthens the breakout case.

Volume remains steady without overextension. This gives the current move a solid foundation if buyers can clear resistance with conviction.

The $180 zone represents the first major target after a breakout. Pattern projections extend to $218-$220 for the complete measured moves.