The Solana price has been holding steady around the $180 region, forming a potential base for a reversal as it tests a key bullish high-time frame order block. This development comes amid overall market uncertainty, underscoring the resilience of Solana’s support structure.
Key Support and Reversal Potential
Solana (SOL) continues to find stability within the $180 support area, which represents a critical high-time frame bullish order block. This zone has historically been a point of strong reaction and bullish engulfing formations, indicating a high demand area. Recent investment by Andreessen Horowitz’s crypto division, pouring $50 million into Jito to strengthen the Solana stake ecosystem, has further bolstered long-term trust in the network.
Technical Points and Market Outlook
From a technical standpoint, the $180 level is a significant confluence zone for Solana, marked by a bullish order block that has previously acted as a starting point for uptrends. The area has seen two strong bullish engulfing patterns, confirming it as a high demand zone. As long as the price remains above this level on a closing basis, the probability of a bullish rotation increases, potentially signaling the formation of an accumulation range where demand outweighs supply.
A sustained hold of the $180 region would likely confirm the formation of this accumulation range, laying the groundwork for the next move higher. Reclaiming the high of the value area would serve as a confirmation of strength, suggesting buyers are regaining control. Conversely, failure to close above the value area high could result in a prolonged sideways move as the market continues to consolidate.
Upcoming Price Development Expectations
Given the current structure, Solana is in an important development phase between accumulation and expansion. The $180 support remains a critical point for the market to maintain. A loss of this level on a daily close basis could shift the short-term bearish sentiment, potentially leading to a deeper pullback towards lower value zones. However, as long as Solana maintains support above $180, the setup favors accumulation and a possible bullish reversal, with a daily close above the high of the value area serving as the first technical confirmation of renewed bullish momentum.
If Solana successfully reclaims the high of the value area, it could target $260 as the next resistance. This potential rally underscores the importance of the $180 support level and the implications of its defense for the future price action of Solana. For more detailed analysis and the latest updates on Solana and other cryptocurrencies, visit https://crypto.news/solana-price-maintains-180-support-amid-market-uncertainty-reversal-insight/.
SOLUSDT (1W) chart, source: TradingView
