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