Solana (SOL) is facing technical and market headwinds, but some analysts believe a breakout may be brewing.
As Bitcoin continues to dominate crypto market flows, SOL’s short-term fate depends on whether it can hold a key support zone and reignite bullish momentum.
Pressure builds at resistance as volume fades
SOL’s 24-hour price performance shows a marginal decline of 0.68%, with the asset struggling to break above the $164–$165 resistance zone. Recent price action reveals rejection at both the 7-day simple moving average ($156.78) and the pivot point ($160.84). Solana also failed to sustain a move above the 23.6% Fibonacci retracement level ($158.22).
The MACD histogram, still in positive territory (+1.92), is beginning to flatten — a possible sign that bullish momentum is stalling. The RSI reads 58.09, suggesting neutral conditions. Meanwhile, trading volume plunged 41% over the past day, landing at $3.71 billion.
Analyst Ali Martinez highlights bullish setup toward $185
Renowned crypto analyst Ali Martinez shared a chart showing Solana retesting its breakout zone — a trendline that has supported price growth since late June. Martinez believes this current retest could act as a springboard for the next move higher, with $185 as the next potential target.

According to his technical outlook, a successful bounce from the ascending trendline aligns with a Fibonacci extension pattern, which projects a path to $185. The chart shows key confluences at the 1.272 ($166.77), 1.414 ($171.68), and 1.618 ($178.61) extension levels — all preceding the 1.786 extension at $185.28.
Martinez’s call reflects growing optimism that Solana’s upward structure remains intact, despite short-term dips. However, the move toward $185 will likely require renewed volume and broader market support from altcoins.
Market dynamics favor Bitcoin
Macro conditions are also weighing on altcoins. Bitcoin’s dominance has ticked up to 63.71%, suggesting that investors are favoring BTC over riskier plays. The Altcoin Season Index remains low at 28/100, showing that traders have yet to rotate meaningfully into alternative assets.
In derivatives markets, open interest dropped by 5.42% to $744.59 billion, adding to the overall cautious sentiment. Solana’s falling volume confirms that momentum is weakening — at least in the short term.
Key levels to watch for Solana
- Support zones: $158.22 (23.6% Fib), $152.22 (38.2% Fib)
- Resistance targets: $160.84 (pivot), $167.92 (swing high), $185.28 (Fibonacci extension)
If Solana holds support and regains buying pressure, Martinez’s $185 projection may materialize. But failure to reclaim $160 could put lower retracement levels back in play.
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.