Solana (SOL) Price: Six-Month Bullish Trend Continues as Support Holds at $170

TLDR

• SOL is showing a bullish pennant breakout with a projected target of $212
• Solana’s price correlates strongly with global liquidity cycles, which are currently turning upward
• Solana has maintained a weekly bullish trend for six consecutive months
• The $175-$180 price zone remains a key support level to watch
• Recent price movement into the $172-$174 range is triggering significant liquidation activity

Solana has been demonstrating remarkable resilience in the cryptocurrency market, with technical indicators suggesting a potential rally to $212. The cryptocurrency has been steadily climbing, recently breaking out of a bullish pennant formation that typically signals continuation of an upward trend. This technical development coincides with favorable global liquidity conditions that historically have benefited SOL’s price action.

Following a major rally of almost 25% in April, Solana continues to gain attention from traders and investors. The cryptocurrency is currently trading above $172 and the 100-hourly simple moving average, showing strength even as other altcoins struggle to maintain momentum.

Technical analysis reveals a short-term rising channel forming with support at $172 on the hourly chart. The price recently tested the $176 level, which represents the 61.8% Fibonacci retracement level of the downward move from the $180 swing high to the $170 low.

Solana formed a base above the $150 support before starting its fresh increase. The price moved past several resistance levels including $155 and $162, though bears became active as it approached the $180 mark.

Key Support and Resistance Levels

For traders watching Solana, several price points have emerged as critical zones. The $175-$180 range serves as an important support area, with a solid hold above this level potentially opening the door to the projected $212 target highlighted by analysts.

On the upside, immediate resistance sits near $176, followed by stronger resistance at $180. If SOL can break above $180, the next major resistance appears at $185. A successful close above the $185 zone could set the pace for another steady increase toward $192, with $200 representing a psychological barrier beyond that.

Solana Price on CoinGecko

On the downside, initial support is located near the $172 level, with the first major support at $170. A break below $170 might send the price toward the $162 zone, while a close below $162 could trigger a decline toward the $150 support.

The $172-$174 region is particularly interesting as it corresponds to a zone of high liquidation activity. According to data from CoinGlass, this area is stacked with high-leverage positions, both long and short, which tends to create volatility when price enters these zones.

Correlation with Global Liquidity

One of the more telling aspects of Solana’s current price action is its correlation with global liquidity trends. Data pulled from GMI’s Total Liquidity Index with a 12-week lead reveals how closely SOL’s price has historically followed moves in broader liquidity cycles.

As global liquidity turns upward, Solana appears to be entering a phase where strong technical setups gain increased importance. This macro tailwind could provide bulls with additional confidence, especially considering SOL’s already strong relative performance among Layer 1 blockchains.

While this correlation doesn’t guarantee a rally, the timing aligns well with other bullish indicators. Assets like SOL often respond quickly when liquidity flows increase in global markets.

Technical indicators further support the bullish case. The hourly MACD for SOL/USD is gaining pace in the bullish zone, while the Relative Strength Index (RSI) remains above the 50 level, indicating healthy momentum.

$SOL

One of the select few altcoins that managed to hold weekly time frame bullish trend the last 6 months. ($SUI as well)

Relative strength on continuation pic.twitter.com/7LlBGM90Wh

— Nebraskangooner (@Nebraskangooner) May 10, 2025

What makes Solana particularly noteworthy is its ability to maintain a weekly bullish trend for six straight months, even as many other cryptocurrencies have shown weakness. This consistent performance suggests underlying strength in buyer interest and market sentiment toward SOL.

The current price structure shows SOL making higher lows, a pattern that typically indicates growing buyer interest and healthy accumulation. As momentum builds following the bullish pennant breakout, the path toward higher targets becomes increasingly plausible.

With the combination of technical strength, favorable macro conditions, and consistent upward momentum, Solana continues to position itself as one of the stronger performers in the cryptocurrency market.

As of the latest data, SOL is trading at $172, having formed a base above $150 support and currently testing key resistance levels that will determine its short-term trajectory.