Will SOL surpass the 180 dollar level?

In the context of the highly volatile crypto market, the price of Solana (SOL) has recently bounced back. After rising 17% over the past 6 days as of Friday, the price of SOL increased from a low of 142 to 166 dollars as of June 11. This recovery has moved SOL into a key resistance zone. Technical indicators, usage levels in DeFi, and developments related to ETFs are all supporting the potential for further growth.

As investor interest rises and fundamental factors improve, the price of SOL seems ready to challenge important technical milestones in the coming days.

SOL price heads towards the $180 mark after bouncing back support

The recent upward trend of Solana is a result of a successful bounce back from the support zone of $142. This recovery has restored confidence in the trading community. According to data from CoinMarketCap, trading volume has increased by over 40% in just one day. At the time of writing, the price of SOL has tested the important horizontal resistance zone in the range of $165–170.

Technical analyst Posty has pointed out a breakout pattern indicating that Solana is bouncing back to reclaim old support zones and forming higher lows. This structure supports a short-term rally up to the $180 mark.

SOL has surpassed the first resistance zone and is currently moving towards the mid-term consolidation zones. If it closes above the $170 level with a clear bullish signal, this will be a sign that the upward momentum continues, with the next technical target being $180.

Source: PostyThis comes after clear bullish structures have formed on the 4-hour chart, with a series of breakouts and retests gradually completing. As long as this altcoin maintains its current positive market structure, the price is expected to continue holding the upward trend.

Analysts point out the bullish structure of SOL with a target of 220 dollars

In addition, analyst Immortal has further reinforced the bullish argument. In his analysis, he shows that a classic inverse head and shoulders pattern is forming around the zone of $155–160. This reversal pattern indicates the bottom of a new uptrend that is being established. His chart also includes a bullish scenario, predicting that the price of SOL could reach $220.62 — equivalent to a potential increase of about 39% from the current price.

Meanwhile, the nearest support zone from $153–$159 has been tested multiple times, showing signs of accumulation. The neckline of the pattern is currently aligning with the $166 zone — an area where bulls and bears are fiercely contesting.

The risk-reward ratio on the chart shows a reward ratio of 8.1:1 — a typical example of an asymmetric profit opportunity favoring the buyers. This structure reinforces the scenario of a continued breakout as long as the price of SOL remains above $159 and breaks through the $170 level on higher time frames.

Network activity reinforces bullish outlook

Moreover, the fundamental factors of Solana are strongly supporting the current upward momentum. According to data from DeFiLlama, the Total Value Locked (TVL) in Solana's DeFi has increased by an additional $860 million over the past 5 days, reaching $8.81 billion. Notably, this increase indicates that on-chain activity is reaching unprecedented levels, with a strong number of users interacting with decentralized exchanges (DEX) and liquidity protocols.

To add to that point, the DEX trading volume on the Solana network has nearly doubled — from $1.53 billion on June 8 to $2.95 billion on June 11. The current price action is supported by higher trading volume and increased liquidity, making bullish breakouts more sustainable.

The increase in activity is not limited to the traditional DeFi space. Trading of memecoins on the Solana blockchain is also on the rise, with the market capitalization of these memecoins on this platform increasing by 6.7% in the past 24 hours. This speculative activity in the past has often been an early signal of larger price surges for Solana.

Optimistic sentiment about ETFs boosts on-chain momentum

Legally, the probability of approving the Solana spot ETF has increased to 61% — the highest level since January, according to data from Polymarket. This increase comes after the U.S. Securities and Exchange Commission (SEC) requested ETF issuers to update their S-1 registration statements, indicating that the regulator is making progress in reviewing the filings.

If legal developments continue to progress, the launch of a spot ETF will bring new capital into SOL. In the meantime, this positive information is creating an additional solid macro foundation, complementing the already favorable technical signals and network activity.

Minh Anh