- Solana is approaching the key $180 resistance, backed by bullish momentum and rising investor interest.
- However, elevated profit-taking signals suggest a possible short-term pullback before any sustained breakout.
Solana (SOL) is once again setting its sights on the $180 price mark, a level that has proved to be a formidable resistance since mid-February. The recent rally has pushed SOL close to this psychological barrier, reigniting bullish momentum in the market. However, rising profit margins among holders may trigger a wave of sell-offs that could halt this upward trajectory.
Despite SOL’s price still hovering about 40% below its February highs, the market has reclaimed significant ground. Notably, Solana’s Total Value Locked (TVL) has bounced back, reflecting renewed investor confidence and strong fundamentals. This optimism is evident in recent buying activity among wallets holding over 1,000 and even 100,000 SOL, many of which accumulated during the bullish run from November 2023 to March 2024, which drove prices from sub-$100 to $160.
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However, on-chain metrics suggest caution. The Spent Output Profit Ratio (SOPR) currently sits at 1.16, indicating that holders are realizing profits. Historically, when SOPR falls in the 1.06–1.1 range, SOL has experienced sharp retracements. This raises the likelihood of short-term corrections, especially if large holders begin to offload their assets.
Technically, Solana remains in a bullish structure. The one-day SOL/USDT chart shows that the downtrend’s lower low at $143 has been broken, flipping the bias bullish. The Awesome Oscillator supports this view, showing positive momentum, while the On-Balance Volume (OBV) continues to rise—suggesting steady buying interest.
Still, the $180 level is a major hurdle. Without significant accumulation above this level, especially from whales (100k+ SOL holders), upward momentum might stall. If profit-taking kicks in, a dip toward the $150–$160 region is possible.
For now, investors should watch OBV trends closely. If it continues to climb while prices dip, it could signal a buying opportunity. But with SOPR flashing warning signs, short-term volatility should not be ruled out—even as Solana’s long-term outlook remains bullish.
