Solana Price Holds $166 Support After Rejection From $183

Solana (SOL) has encountered challenges in maintaining upward momentum after peaking at approximately $183 on May 14. Currently, it is trading around $169.43, showing a slight increase of 0.70% as it tests the critical support zone near $166.

$166 Support Holds Repeated Tests, Break Above $177 Or $183 Will Be Bullish

The $166.82 level acts as a key short-term pivot for Solana.
A bullish movement from $142.25 to $177.51 was followed by a fake breakout attempt above $183.86.
The price returned below $177.51 and is retesting the $166.82 region, which has been tested twice and held firm.
Strong bullish candles are forming around $166, indicating buying interest.
A breakout above $177.51 or $183.86 could signal a long position opportunity.
A successful breach with a daily close above $177 and rising volume may lead toward the $190 to $200 range.

Short Trade Also Valid Below $166 Support Zone

Market volume has declined, with Solana’s 24-hour trading volume at $2.3 billion, down 36.15% from the previous day.
Consolidation above $166 is ongoing, but failure to hold this level may lead to a retest of $142.25.
If bears control the market, $142.25 could act as strong support based on past reactions.

At the time of writing, Solana is trading at $171, up 1.6% in the past 24 hours.