Solana Analyst Sets $300 Price Target Amid Market Uncertainty

Solana (SOL) is currently facing resistance at the $160 level, struggling to regain it after multiple attempts. Market momentum is weakening, with Bitcoin and Ethereum also showing signs of exhaustion, raising concerns of a market retrace.

Prominent trader Kaleo suggests Solana could rally to $300 if the crypto market strengthens.
SOL trades in a tight range, dependent on Bitcoin and Ethereum's behavior.
Current market conditions are cautious due to macroeconomic factors, including US-China tariff conflicts and stress in the US bond market.
Kaleo maintains a long-term bullish outlook for SOL, predicting a breakout above $300 could end a multi-year consolidation phase.

SOL is trading at $157.46, testing the 34-day EMA near $162, which has recently acted as resistance. It remains below the 200-day SMA at $178.88, indicating ongoing bearish pressure. Volume is muted, reflecting uncertainty among investors.

If SOL exceeds $165, it may retest the $180 resistance zone.
Failure to break the 34-day EMA could lead to a decline towards the 100-day SMA near $144.
Despite lower highs since mid-May, SOL holds above $150, suggesting some buyer support.
A decisive close above $165 on strong volume could indicate a short-term reversal.