Solana (SOL) price has consolidated in the last 24 hours as the market shows uncertainty. The token remains just above the $170 support after a week of gains. SOL recovered from $150 and targets the $200 level if buyers increase pressure.
Bitcoin (BTC) stays above $108,000, while Ethereum (ETH) hovers near $2,600. Since reaching its all-time high of $294.33 in January, SOL has dropped nearly 41%. Despite this, recent price action suggests cautious optimism among traders.
Solana Price Eyes $200 After Pennant Break
Crypto analyst tweeted that Solana is forming a bull pennant on the daily chart. The analyst said the price could reach $200 if it breaks out upward. However, a confirmed breakout from the triangle pattern is needed first.
The chart shows Solana price trading near $175 with support from the 20, 50, and 200-day EMAs. The price is moving closer to the edges of the pennant. Watching MACD and RSI suggests mixed price movement, and investors should let the price move away from the others and form a clear breakout before expecting more profit.
Solana Sees $1.1B Inflow from Centralized Exchanges
The month of May brought $1.1 billion from centralized exchanges to Solana, representing the best monthly inflow it has had since early 2024. There is a growing number of traders and investors choosing to use Solana’s stablecoin assets.
According to data from Top Ledger, stablecoin inflows to Solana increased markedly after falling earlier in the year. This is a strong sign that capital is coming into the Solana environment.
The rise shows that enthusiasm for Solana is growing as the overall market experiences changes. The $1.1 billion received in May is important because it shows a jump in people using centralized exchanges.
Solana Price Eyes Key $200 Resistance Level
The Solana price has recently hovered around $174, encountering resistance close to the $180 mark. Although the price was under some pressure close to $160, the Solana price has still remained above this level, showing it can withstand further selling. The lack of change in prices means traders are waiting for clear signs from the market.
Moderate buying interest is shown by the current RSI reading of 56 on the 4-hour chart. The MACD line and signal line are converging, and the histogram bars are shrinking, which often signals a possible slowdown or a shift in trend.
A successful move above the $180 resistance could lead Solana toward the goal of $200. This area has served as a big challenge in the past, and is a significant moment for traders mentally.
On the negative side, higher selling could drop the price below $160, taking Solana to the support near $150. This is important to achieve to avoid taking on more risk going down.
