40% Solana rally is on the horizon?

We got ourselves a hot story in the crypto streets. Solana’s been on quite the tear lately, climbing 18% in less than a week and hitting back above $180.

Now everyone’s squinting at the price charts, wondering, can SOL break through $185 and roar all the way up near $256? That’s almost a 40% leap.

Cautious mood

So, Solana had been steady but kinda quiet, then boom, a fast climb pushes it past $180, sparking fresh hope.

On August 9th, SOL was trading around $181, winning three days in a row and looking like it’s got steam.

But, and this is a big but, trading volume dropped 10% compared to the day before.

Weird, huh? Normally, when prices jump, you expect more action. Not this time.

Turns out, some people might be cashing out profits, others worried about Solana’s past performance, making the mood a little cautious.

Big breakout

Lookin’ deeper, data shows $15 million flowing onto exchanges on that August 9th, usually a sign that some players are gearing up to sell when things get hot.

Source: CoinGlass

SOL got solid support around $174 and a big resistance wall at $184. Think of $184 like a heavyweight champ’s guard, beat that, and SOL could break out big time.

Now, don’t forget that liquidations tell a story too. Long positions are way heavier, $436 million on the bullish side versus just $23 million short.

That’s like the crew backing the boss, signaling bulls have the upper hand for now. But $184 remains the critical line.

Fail here, and the rally might fizzle or the price strolls sideways, a real nail-biter.

Sell signal

The technical picture isn’t all sunshine, unfortunately. The RSI sits at 57, solid but not overcooked, meaning there’s room for more upward moves.

Yet, the Supertrend line hovering at $190 still flashes a sell sign, keeping some sellers lurking in the shadows.

So, what’s the new gameplan? If Solana’s price can close above $185 on the daily charts, that’s the green light for a push toward $256, turning this story into a proper blockbuster rally.

If not? We might see déjà vu, flat trading or a dip, the same old song.