Solana returns to the bull run track – Is the 350 USD milestone feasible?

Solana (SOL) has recorded a rise to the sky over the past week, reclaiming the zone of 160 USD and is currently striving to hold the final major resistance level. Some analysts believe that if the upward momentum continues, this altcoin may reach new price peaks after breaking through this barrier.

Solana attempts to reclaim the 180 USD mark

In the context of the cryptocurrency market capitalization approaching the 4,000 billion USD mark and Bitcoin (BTC) setting a new historical peak, Solana – one of the leading altcoins of this cycle – is retesting important price zones after rising nearly 10% in the past week.

Since the recovery in Q2, SOL has been hovering in the trading range of 140–180 USD for more than two months. However, geopolitical tensions last month caused this coin to lose its local price range and return to retest the zone of 120–130 USD.

Thanks to the rise in July, Solana has regained this price zone and is approaching the upper boundary, currently trying to break through the resistance level of 180 USD. Crypto expert Jelle noted that, similar to the resistance level of 4,000 USD of Ethereum (ETH), this is the "last major resistance that the bears use to defend."

This price zone was once a strong bounce point during the rise to the sky at the end of 2024 and the beginning of 2025. Since losing this zone at the end of February, SOL has continuously failed in attempts to regain its position, making this a key resistance level.

Breaking through the 180 USD level could propel Solana towards the 200 USD zone and set the stage for the next rise, according to Crypto Jelle. Meanwhile, market observer Froggy also noted that Solana retested this resistance zone on Friday, indicating a "strong bullish signal."

However, after reaching a two-month peak at 184 USD, this altcoin has slightly decreased and is currently fluctuating in the zone of 177–179 USD. According to experts, "as long as the level of 168 USD is held, the possibility of SOL advancing to 186–188 USD is still very high."

Is SOL preparing to enter a price discovery phase?

According to Daan Crypto Trades, if Solana can break and hold the important resistance zone, the next area to pay attention to will be 220 USD, before heading towards the price zone of 260 USD.

This trader explains that SOL has regained two important technical levels on the daily timeframe earlier this week, including the (MA) moving average and the (EMA) 200-day moving average. This is the driving force behind the current retest of the 180 USD zone.

Solana regains the 200-day MA/EMA | Source: Daan Crypto Trades/XDaan also notes that memecoins "are performing very well," as tokens within the Solana ecosystem in this segment have risen to the sky by 13.3% over the past week.

"This helps increase the buying pressure for SOL. As long as memecoin continues to rise, I think SOL will keep going up."

Meanwhile, analyst Alex Clay emphasized that Solana has been in a bullish megaphone pattern for over a year. He asserted that when large-cap cryptocurrencies enter a real bullish phase, Solana will be the market leader.

During this period, SOL has continuously fluctuated within the megaphone pattern, with the most recent retest of the lower edge occurring in April. Since then, this altcoin has bounced back and held the middle zone of the pattern, maintaining dynamic support levels with the 50-day, 100-day, and 200-day EMA.

If it continues to hold the rising pace in this pattern, Solana could aim for a breakout to the upper edge of the megaphone pattern, equivalent to the price zone of 350 USD. According to Clay, "breaking the historical peak and entering the price discovery phase is inevitable," with the first targets set in the range of 350–400 USD.

According to data from Bitcoin Magazine, as of the time of writing, SOL is trading at 177 USD, down slightly by 3% on the daily timeframe.

The performance of Solana on the 1-week chart | Source: TradingViewItadori