SOL Price Analysis: $185 Resistance Targeted Amid Institutional Demand
Liquid Collective has launched a liquid staking token on Solana, alongside institutional partners Coinbase and Kraken, alongside others, amid increasing interest in the network ahead of potential ETF approvals, fueling near-term price targets.
Liquid Staking on Solana
Liquid Collective has introduced Liquid Staked SOL (LsSOL), a staking token on the Solana platform. This initiative is spearheaded in collaboration with major financial institutions Coinbase, Kraken, Galaxy, Anchorage Digital, and Fireblocks.
The launch is strategically timed to cater to the anticipated rise in institutional investment in the network, particularly as the prospect of approved SOL-based exchange-traded funds gains momentum in the United States.
Technical Analysis: SOL Bullish Momentum Continues
Solana’s price action has captured the attention of technical analysts, who point to several bullish indicators following a recent price action pattern.
Completed Inverse Head and Shoulders (H&S) Pattern
SOL successfully completed an inverse head-and-shoulders chart pattern. A breakout significantly above the $159 resistance level on Thursday has been confirmed and subsequently held during a crucial retest.
Currently, the 20-day exponential moving average lies near $157, showing a cautious upward turn. The relative strength index (RSI) is elevated, nearing the overbought zone, suggesting the upward trajectory remains a viable path for short-term holders.
$185 Resistance: Key Level and Potential Upside
For sustained buying interest to maintain the upside, the price needs to hold above the $168 area. A successful consolidation and rally could see SOL challenge the primary overhead resistance zone pegged at $185.
An initial break above the $185 resistance could potentially pave the way for a momentum shift towards $210, should sellers lose control.
Risk: Breakdown Below $159 Could Trigger Downward Trend
If price action fails to capture further gains and turns lower, the immediate support guard is set around the $159 level. A decisive breakdown below this crucial support could introduce significant risks, drawing in selling pressure.
Should the price extend its fall below $155, technical structures would signal a potential reversal into a more bearish trend. A breakdown through $159 adds momentum to the bulls’ bear trap scenario.
Price Outlook Scenarios
The interplay between support and resistance levels creates a duality for future price movements:
| Potential Price Path (Bullish) | Potential Trigger | Potential Limit (if upheld) |
|---|---|---|
| Ascend from $169 toward $185 | Price retaining position above $168 | $185 resistance |
| Potential Price Path (Bearish) | Potential Trigger | Potential Limit (if broken) |
| Decline from $159 toward $144 & $137 | Price failing to sustain $159 support | Fall through $155 |
Disclaimer: Trading and investing in cryptocurrencies involve high risk. This analysis is not investment advice. Always conduct thorough personal research before making any trading decisions.
Analysis compiled based on technical data and market intelligence.
