SOL Price Tests Key Level: Can a Weekly Close Above $170 Trigger a Bull Run?

Solana (SOL) is approaching a critical technical level that could trigger a major breakout. According to crypto analyst Ali Martinez, a weekly close above $170 may ignite a new bull run and potentially open the door for a rally toward the $2,000 mark.

The recent tweet from Ali highlights a long-term cup-and-handle pattern forming on Solana’s weekly chart. The pattern shows a breakout zone around the $170–$175 region. If SOL can decisively close above this resistance level, it would confirm a bullish continuation structure, supported by Fibonacci extension levels pointing toward targets as high as $330, $785, and eventually $2,000.

Price pullback driven by profit-taking and rotation

Despite the bullish setup, Solana’s price slipped 3.04% over the past 24 hours, dropping to $161. at the time of writing. This decline comes after a strong 7.7% rally over the previous seven days, where SOL peaked at $167.9 on July 11.

The dip is largely attributed to short-term profit-taking and a temporary sector rotation as traders shifted capital into XRP and other altcoins amid renewed speculation around a potential XRP ETF. This redirection of liquidity, combined with technical resistance at the $158.22 Fibonacci level, capped SOL’s upside momentum for now.

On-chain indicators also suggest waning strength. Solana’s 24-hour trading volume dropped 17.8% to $5.85 billion, reflecting a pullback in buying interest as Bitcoin hovers near $118,000 and overall market sentiment cools slightly. The Fear & Greed Index currently sits at 69, indicating the market remains in “Greed” territory—often a zone where short-term tops can form.

READ MORE:

Most Trending Cryptocurrencies on CoinGecko After Bitcoin’s New ATH

Outlook: $170 remains key for bull confirmation

While Solana faces short-term selling pressure, the long-term technical picture remains promising. A sustained move and weekly close above the $170 resistance could validate the cup-and-handle breakout and set SOL on course toward significantly higher price levels. As Ali notes, this zone is the “gate” to a potential multi-month rally with targets extending into the triple-digit and even four-digit range.

Until then, traders are watching closely to see whether Solana can defend the $150–$160 support and build enough volume to break through the critical threshold.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.