Solana Price Steadies Near $167: Is It The Perfect Buying Opportunity?

The Solana price has efficiently bounced nearly 8% in early August after a sharp 25% decline from July highs. This rebound comes as key technical levels hold and sentiment flips bullish, despite macroeconomic concerns. 

The renewed interest is being supported by rising active addresses, funding rate data, and a crucial trendline support bounce on the daily chart.

Solana Price Today: Recovery Gathers Momentum After Sharp Correction

After reaching a July peak of $206, the Solana price saw a swift correction, mainly from profit booking, shedding over 25% to reach lows near $155. 

However, a quick reversal followed, where altcoin surged nearly 8% in early August. When writing, the Solana price today is exchanging hands at around $167. This recovery is backed by an improving market sentiment and positive fundamentals.

One of the biggest sentiment drivers came from the announcement of Solana’s Seekers Mobile initiative on Monday, which seems to have turned bearish outlooks into renewed bullish expectations. This optimism is further echoed in Solana’s derivatives data, too.

Derivatives & On-Chain Metrics Confirm Bullish Shift

More closely looking at the CoinGlass platform, it revealed that the OI-Weighted Funding Rate flipped positive on Tuesday. This clearly showed an important key signal representing bullish positioning rising among futures traders. 

This aligns with increasing 24-hour active addresses shown in Santiment data, reflecting growing user interest.

Moreover, Total Value Locked (TVL) on the DefiLlama platform has started trending upward and amounted to $9.84 billion currently. 

SOL Price Chart Shows Technical Breakout Potential

Technically, the SOL price today is attempting to reclaim critical EMAs. The asset has already breached the 50-day Exponential Moving Average and is now approaching the 20-day EMA band. 

This move higher is notably occurring after the Solana price rebounded from a well-respected trendline support in early August.

The trendline, which has acted as a springboard multiple times before, once again proved reliable, with the current surge validating its strength. 

Looking at the SOL price chart, a successful move above the $195 resistance zone is needed to revisit July’s highs near $206. Should this level be cleared, the Solana price prediction range stretches to $238-$258.

Historical Patterns Hint at Larger Upside Potential

Interestingly, this is not the first time Solana has tested such a trendline for support. Similar bullish setups in the past, particularly in 2023, led to strong rallies. A third retest of this kind has now been observed again in 2025. 

This historical repetition gives weight to theories of a parabolic breakout, though immediate targets remain moderate.

If the short-term resistance near $195 is breached convincingly, the stage may be set for the SOL price USD to challenge $206 again and potentially make new yearly highs.