Solana Reclaims Key Support Level as Analysts Forecast Potential Rally

Solana (SOL) has been consolidating below key resistance levels as market focus shifts to Bitcoin and Ethereum. Analysts are increasingly optimistic about a potential upward movement in SOL.

Analyst Bluntz indicates Solana is showing signs of a bottoming pattern, which could lead to a rebound if it breaks above the $160-$165 range.
The current price of SOL is around $154.47, having lost the $160 support after failing to reclaim the $180 resistance level earlier in May.
Short-term indicators suggest a breakdown in bullish momentum, with volume decreasing amid market uncertainty.
The 200-day moving average at $179.73 remains a critical resistance level to reclaim for bullish structure.
A sustained close below $150 may trigger deeper corrections towards the $140-$130 range.
Longer-term outlook remains neutral-to-bullish as long as SOL stays above the 100-day SMA around $144.58.

If SOL can regain the $160–$165 range, analysts expect renewed upside momentum and a challenge to the $180 level. The overall sentiment hinges on broader market conditions and the potential for an altseason.