Mark Twain’s Take on Solana’s Wobbly Price Targets 📈💰

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Key Takeaways

Despite Solana flipping a key resistance zone to support, it might struggle to hold its ground. The bearish winds blowing from Bitcoin, coupled with Solana’s tepid buying interest, could spell trouble for SOL bulls, who might find themselves backtracking on their recent conquests.

Now, let me tell you a tale of Solana [SOL], a cryptocurrency that has been inching its way up the price charts like a turtle on a hot sidewalk. The bulls have managed to reclaim the $180 mark as a cozy little support zone. With the daily charts looking rather optimistic, things seemed to be shaping up nicely for those buying SOL-until we remembered that optimism often comes with a side of disappointment. 🐢🚀

In a move that could only be described as “bold” or perhaps “desperate,” a Solana whale scooped up a whopping 60,000 SOL, worth about $11.23 million, on a Thursday in August. The futures data hinted at a short-term bullish vibe, and in the grand scheme of things, Solana’s lightning-fast transaction capabilities have been catching the eye of some big institutional players. 🐳💡

For Solana to make any real headway, it would help if Bitcoin [BTC] could stop its own retreat. As of this writing, BTC was trading at a cool $113.2k, just above the $112.4k support level. But then, there was that pesky $64.4 million Bitcoin sale by Ark 21Shares, which sent a shiver down the spine of more than a few investors. 💸💥

Solana Flips $180 to Support, but Volume Raises Eyebrows

The 1-day chart showed swing points at $155.8 and $206.3. A move beyond either of these levels would likely set the tone for the next trend. Currently, SOL’s price was nestled comfortably between these two points, having transformed the May resistance into a support level. 🌟📉

The market structure was decidedly bullish, and the RSI was pointing upwards, suggesting momentum. However, the On-Balance Volume (OBV) indicator was stubbornly flat. For the bulls to have any real hope of pushing SOL to $206 and beyond, the buying volume would need to pick up steam in the coming days. 🚀📈

On the 4-hour chart, the OBV wasn’t exactly showing signs of life, with volume remaining low during the pullback from $206 to $180. The RSI was also sitting on the fence, neither confirming nor denying the bulls’ hopes. 🤷‍♂️🤷‍♀️

Despite the bearish price action, there were hints of a bullish shift at press time. Breaking through the $188 level would be a significant step, indicating that the $180 support is firmly in the hands of the buyers and that they might be gearing up for more gains. 📊🔥

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2025-08-22 10:18