- Solana is testing a key support level and a breakdown could lead to a sharper fall toward $150.
- The Ichimoku Cloud is blocking upside moves and SOL must reclaim $180 to regain strength.
- Traders are watching closely as the next move could set the trend for the coming weeks.
Solana (SOL) is consolidating within an upward channel, trading near its $166.88 lower trendline. Price action suggests this level could serve as a profitable rebound area and, if respected, initiate another upward move. Conversely, if this support fails to hold, it would likely lead to a breakdown, resulting in further downside, thereby making it an essential level for traders to be cognizant of. Having declined 6% in the last session, SOL does remain under strong pressure but is in the structure of an intact market trend.
#SOL/USDT
SOL is consolidating within an ascending channel pattern and is currently trading above the support trendline. This level could act as a rebound zone, potentially leading to an upward move.
However, the Ichimoku Cloud is acting as a resistance barrier above the… pic.twitter.com/SMQdRccyou
— The Crypto Express (@TheCryptoExpres) February 18, 2025
Near-term upward momentum for SOL is being constrained with resistance offered from the Ichimoku Cloud indicator. Price action has historically found it hard to break upwards above the cloud without strong bullish volume, a scenario that makes life difficult for buyers. If SOL can regain the $180 level, it may gather strength to test the mid-channel region aligning with previous resistances. Weakness sustaining, on the other hand, may push SOL deeper, in the region of $150, onto the support levels.
Resistance from the Ichimoku Cloud
Traders are keeping their guard up as they wait for conviction in either direction. A clean bounce from the trendline of the channel would serve to prove the bullish thesis, while a breakdown presented would have further corrective contingencies implied. The Crypto Express reminds its clients that this will be key as any failure to hold the trendline support will turn that bias bearish.
Now, SOL’s price will be stuck in a heavy spot where both bullish and bearish scenarios can come into play. If the buyers show up, the continuation upward is still feasible, but pressure may continue to push price to lower levels. Market players should observe movements within the range of $166-$180 closely in anticipation of the next major price move.
Crucial Price Levels to Watch
For now, SOL’s price movement remains at a crossroads, with both bullish and bearish scenarios in play. If buyers step in, an upward continuation remains possible, but if pressure mounts, further declines could be on the horizon. Market participants should closely watch price action near the $166-$180 range for the next decisive move.
