Solana Price Stuck Below Crucial Resistance Zone Amid Institutional Developments
Despite ongoing institutional developments and governance changes, Solana (SOL) remains trapped below its key resistance zone at $75. The token's price has been stuck near this level since July 30, leaving its short-term direction unresolved.
The daily chart shows SOL trading below its four major moving averages, creating a broader bearish structure. Further resistance stands at the 100-day SMA near $78.06 and the 200-day SMA at $84.71.
Analyst Michaël van de Poppe believes that breaking through $76 would be a bullish trigger for SOL, with a potential target of $120. However, contributor Ted Pillows warns that spot selling is weakening consolidation, suggesting distribution rather than accumulation.
The 4-hour chart shows immediate resistance at $74.72 and $75.69, while liquidation clusters near $72.60, $73.00 and $74.70, $75.00 could amplify volatility.