TL;DR

The Necessary Condition

Solana’s SOL has been in a downtrend in the past week and is far from its all-time high registered in January this year. As of this writing, it trades at around $161, representing a 45% decline from the historic peak.

However, some analysts believe a renewed rally might be knocking on the door. The popular X user Ali Martinez claimed that a breakout above the resistance level of $176-$188 could ignite a fresh bull run.

Earlier this month, he disclosed that the number of wallets holding at least 0.1 SOL has soared above 11 million in the span of just two weeks. This development indicates growing participation in the ecosystem, while the minor threshold hints that most newcomers are likely retail investors.

Martinez isn’t the only renowned analyst to give his two cents on the topic. The X user Cas Abbe reminded about SOL’s crash in April, outlining that the price has climbed by over 50% since then, “while its fundamentals are getting better.” They think the ATH registered at the start of 2025 was not the cycle top for Solana, envisioning a new peak sometime this year. 

Mags chipped in, too, suggesting that SOL’s monthly chart “is forming a massive ascending triangle pattern.” That said, the analyst expects that a breakout beyond $267 could trigger “a massive leg up” to uncharted territory.

The Next Buying Opportunity?

Another X user who weighed in recently is XO. Earlier this month, they shared their trading history, which included a big sell-off approximately a week ago when the price was above $180. 

As it turned out, this was the trader’s entire “spot bag.” They now explore new buying opportunities that might occur in the next weeks or months. 

XO described the $140-$150 zone as an “immediate level of interest,” adding that $120 “isn’t out of the question.”

Subsequently, the trader assumed that Solana’s future price dynamics may heavily depend on what bitcoin does next.