Solana Price Today: SOL Trading Near $174, Recovering From Recent Dip to $166

After a volatile start to the week, Solana price today is trading at $174, recovering steadily from its recent dip to $166. The sharp bounce has sparked optimism among bulls, but key resistance at $177 remains a hurdle.

With technical indicators sending mixed signals and broader market sentiment still shaky, traders are closely watching whether Solana can sustain its recovery or fall back into the consolidation range.

What’s Happening With Solana’s Price?

Solana price surged in early May, reaching as high as $181 before cooling off. The correction saw prices slide to $166 on Friday, aligning with a key support cluster just above the 50 EMA.

This lower support zone attracted buyers, kicking off a rebound that has now tested the descending trendline again.

On the 4-hour chart, Solana price action shows a clear structure of higher lows forming above the $170.5 support. The recovery aligns with renewed buying activity near the lower Bollinger Band and a bullish reaction from the Ichimoku cloud base. However, overhead resistance remains strong at $177.58 — a level that has consistently rejected price action over the past three days.

Solana price action showing a recovery from lower support and key resistance levels to watch

Solana price is seen testing the upper boundary of a descending triangle on both the 30-minute and 4-hour charts. This breakout attempt looks promising, but a clean close above $177 will be needed to confirm a short-term trend reversal.

Bollinger Bands on the 4-hour timeframe are starting to expand after a period of compression. The mid-band is now acting as dynamic support near $172.99, while the upper band sits around $177.96 — reinforcing the significance of the resistance zone.

Why Is Solana Price Spiking Today?

One of the key drivers behind Solana price spikes today is the bounce off the 20 and 50 EMAs, coupled with renewed buying from the lower support zone near $166. The intraday structure shows a rising wedge forming, suggesting accumulation.

Another factor supporting the rise is the interaction with the Ichimoku cloud. SOL remains above the cloud on the 4-hour chart, with flat Tenkan-Sen and Kijun-Sen lines, signaling consolidation within an uptrend. Additionally, Stoch RSI is recovering from the oversold zone (25.01), which historically precedes bullish breakouts.

At the macro level, the weekly chart shows that Solana is now testing the 0.382 Fibonacci retracement level at $177.65. This level acted as support in early April and is now the pivot that could define the next leg higher or signal rejection.

Solana price testing the 0.382 Fibonnaci level on the weekly chart

Key Levels to Watch

A successful breakout above $177.65 could trigger an extension toward $181, followed by $195 — the 0.5 Fibonacci zone. These levels align with previous areas of heavy trading and liquidity.

However, if Solana fails to break through the current resistance band, a drop back toward $170.5 and even $164.4 becomes likely. A decisive close below these levels would invalidate the bullish structure and expose the price to deeper losses, possibly toward $157 and $149.

The broader trend remains cautiously bullish as long as the Solana price stays above the dynamic 100 EMA near $157. With the 200 EMA trending below at $149.19, this level acts as the last line of defense for bulls in the medium term.