Key Takeaways
Solana rallied 18% in a week, hitting $181. Exchange inflows hinted at selling pressure, while SOL liquidation clusters marked $184–$185 as critical resistance for a potential breakout toward $256.
In less than a week, Solana [SOL] surged 18%, reclaiming the $180 mark and reviving hopes for further upside. Naturally, this rapid climb drew bold predictions from some traders, while others locked in profits.
Solana momentum builds but…
On the 9th of August, SOL traded around $181 after climbing 3.05% in 24 hours, marking three straight daily gains.
However, as the price approached the key resistance level, investor and trader participation appeared to have plummeted. CoinMarketCap data revealed that SOL’s 24-hour trading volume dropped by 10% compared to the previous day.
The potential reasons behind this drop, despite the price surge, appear to be the asset’s unclear direction, its past performance, and ongoing profit-taking.
On-chain metrics show mixed signals
CoinGlass data showed $15.18 million in exchange inflows on the 9th of August. In fact, such inflows during rallies often suggest investors were preparing to sell into strength.
Source: CoinGlass
At the same time, liquidation clusters revealed a $174 support level and a major resistance near $184.
Source: CoinGlass
Cumulative long liquidation leverage stood at $436.74 million, far outweighing the $23.79 million in short-side leverage. This imbalance reinforced bullish dominance, but also highlighted $184 as a make-or-break point.
Solana technical analysis and upcoming levels
As per AMBCrypto, SOL’s latest breakout above a descending trendline sparked the current rally, backed by a broader market shift.
Source: TradingView
Having said that, a daily close above $185 remains crucial for a push toward the $256 target, a near-40% upside.
On the other hand, if this momentum fades and the price fails to close above the key level, there is a strong possibility that history may repeat itself with a decline, or the price may continue to move sideways.
SOL’s Relative Strength Index (RSI) sat at 57, indicating that the price is still below the overbought territory. This suggests the altcoin has enough room to continue its upward momentum.
However, the Supertrend line at $190.33 still signaled an active downtrend, keeping sellers in play.
Whether bulls can clear $185 or face another stall will shape Solana’s next chapter in this volatile run.
