Solana Bulls Eye $170 Target as Price Recovers from Summer Lows

Solana's price has been steadily recovering from its summer lows, and recent technical indicators are pointing to a strong bullish setup. The cryptocurrency is currently trading near $105 after rebounding from its low point.

A long-term chart breakout and rising derivatives activity have given bulls a clearer path forward. According to Don, a trader who shared the weekly Solana chart on X, SOL has a clear target of around $170, which would represent a 61% increase from its current price.

The bullish structure remains intact as long as SOL holds above the recently broken descending resistance and the rising long-term trendline. However, a move back below this breakout region could weaken the setup and raise the risk of another period of consolidation.

Momentum is improving, with the weekly relative strength index climbing to around 60, comfortably above the neutral 50 level without yet reaching the traditional overbought area above 70. Additionally, derivatives positioning adds an interesting layer to the price setup, with a dense concentration of liquidity around $145-$150.