- Solana’s stuck near $164.50 resistance, and a drop below $151.70 might kick off the final leg down in a five-wave pattern.
- A breakout above $164.50 could mean a B-wave is forming, signaling a potential recovery or extended sideways phase.
- SOL’s trading at $160.49 after a 5% daily gain, with rising volume pointing to strong trader engagement.
Solana’s been dancing around a big decision point lately. The price is hovering near $164.50—and that’s proving to be a bit of a ceiling. According to analysts like @morecryptotoonl over on X, SOL might still be stuck in that fourth wave of the Elliott Wave cycle, which would mean one more drop before things could turn around again.
If SOL can’t break past that resistance and drops under $151.70, that’s when things get dicey. That move could kick off the fifth and final leg down in the current cycle, probably dragging prices lower short term. It’d basically confirm that the pattern’s playing out the usual way—with a fall before a fresh climb.
Breaking Resistance Could Flip the Script
Now, if SOL does pull off a break above $164.50, that’s a whole different story. That could signal the beginning of what’s known as a B-wave. It’s not the start of a major rally necessarily, but more like a breather or correction phase. This could mean SOL stays sideways for a bit—or maybe even starts heading up, depending on how things go.
Analysts think this kind of move could reset the pattern altogether, throwing a wrench in any firm bearish calls. Still, until that resistance gives way, there’s a lot of caution in the air. One solid move could shift sentiment either way, so traders are on alert.
Price Pops to $160.49, Volume Spikes
As of now, Solana’s trading at $160.49. That’s a solid 5% gain in just 24 hours. Not bad, especially with the 24-hour volume jumping up 17% to hit $3.41 billion. That kind of action usually signals decent investor interest—and maybe a few bets being placed on what happens next.
The volume-to-market-cap ratio sits around 4.09%, showing that trading activity lines up well with SOL’s market value. There was a brief push up to $162, but it slipped back down shortly after. The price chart’s been kinda jumpy, with those little green spikes and red dips painting a picture of uncertainty—but also opportunity.
