Solana Price Eyes $180 After Strong Bullish Divergence Signals Recovery

Solana Price Struggles at $180 – Will the Bulls Take Control This Time?

Solana Price – Solana (SOL) has recently experienced a surge in bullish sentiment, as its Open Interest (OI) climbed to $7.72 billion on May 28, edging closer to the $8.57 billion peak recorded in mid-January — a period when SOL hit its all-time high of $261. This upward trend in OI has been steadily building since March, aligning with SOL’s gradual recovery trajectory.

Despite rallying from around $106 to $182 since March, Solana has struggled to break through the critical $180 resistance level, which was also a key barrier in early March. Notably, the funding rate, which had been negative in recent days, turned positive at press time. Meanwhile, the $152 price point, which acted as resistance about ten days ago, has since flipped to become a support level.

Technical Indicators Signal Potential Recovery for Solana Bulls

On the 4-hour chart, bulls successfully defended the $152 support level. The Money Flow Index (MFI) displayed a higher low, while SOL’s price recorded a lower low, signaling a bullish divergence. This divergence contributed to a price uptick of 3.7% over eight hours, with the latest 4-hour session closing positively.

However, Solana’s sustained momentum remains tied to the broader cryptocurrency market, particularly Bitcoin (BTC). The On-Balance Volume (OBV) recently revisited May’s lows, reflecting some selling pressure over the past week. Nevertheless, the selling volume has not overwhelmed the market, as OBV has not dropped to the same depth as price dips.

Outlook: Sentiment Shift Could Propel SOL Toward $180

Combined with the bullish divergence on technical indicators and supportive Futures market data, current signals suggest a potential shift in market sentiment. If this positive momentum holds, Solana could be positioned for a renewed challenge toward the $180 resistance level.

As always, Solana’s price action should be monitored alongside Bitcoin’s performance and wider market trends to gauge the strength and sustainability of this recovery.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.