The recently launched REX Shares Solana ETF has driven increased volatility in the Solana (SOL) market, pushing its price higher. Market analysts now identify the $160 resistance level as pivotal for confirming a potential bullish trend shift.
Technical indicators show SOL price action as contested territory. Key support levels are found at the 50-day Simple Moving Average ($156) and the 20-day Exponential Moving Average ($148). These levels are critical thresholds where bears could halt upward momentum.
Fueling bullish sentiment, an inverse head-and-shoulders pattern has emerged on SOL’s 4-hour chart. Sustained trading above $159 could validate this pattern and trigger a breakout, potentially targeting the $192 zone.
While the ETF launch has generated positive market sentiment for Solana, analysts caution that SOL’s ability to breach and hold above the $160 resistance remains crucial. Success could attract significant capital inflows.
Conversely, failure to hold above the $140 support level risks initiating a deeper correction. Potential downside targets under such conditions lie near $126 or $110, contingent on broader market factors.