Solana ($SOL) is consolidating between $140–$170, with its Relative Strength Index (RSI) nearing oversold levels, which signals a possible bullish reversal. The Firedancer upgrade and over $5 billion in Total Value Locked (TVL) reinforce Solana’s strong fundamentals amidst a market recovery. A breakout above $170 could trigger a rapid move toward $180–$200, although regulatory risks remain a factor.
In the volatile cryptocurrency market, Solana ($SOL) stands out for its high-speed innovation. Recent technical analysis suggests it is preparing for a significant upward move. Crypto trader Sheldon The Sniper (@Sheldon_Sniper) recently shared an analysis on X, highlighting a period of sideways consolidation in the SOL/USDT pair that could precede a powerful breakout. This analysis, posted on November 19, 2025, has garnered significant attention and sparked debate within the community, underscoring the asset’s continued appeal.
The TradingView chart illustrates SOL’s price action over the past month, trading between $140 and $170 on Binance. Yellow circles mark critical resistance zones where previous rallies stalled, followed by sharp pullbacks. A descending trendline connects these peaks. However, the current flatlining, described by Sheldon as “a bit of sideways action,” hints at exhaustion in bearish momentum. This consolidation phase, often a prelude to volatility expansion, positions SOL for a potential upside breach. If SOL holds above the $140 support level, analysts anticipate a retest of the $180 mark. Momentum indicators like RSI are flirting with oversold territory at 35, suggesting there is room for recovery.
Fundamentals Reinforce Solana’s Bullish Case
Solana’s underlying fundamentals remain robust, fueling optimism for its future performance. As a layer-1 blockchain renowned for its exceptionally fast transaction speeds and low fees, it continues to hold a dominant position in the decentralized finance (DeFi) and NFT ecosystems. Recent data indicates that over $5 billion in total value locked (TVL) is currently secured across Solana-based protocols, with prominent projects like Jupiter DEX and Magic Eden actively driving user adoption. The network’s upcoming Firedancer upgrade, slated for full deployment soon, promises enhanced scalability, which could attract even more institutional interest, especially amid a broader market rebound. Bitcoin’s stabilization above $90,000 has also provided positive tailwinds, lifting altcoins like SOL in a correlated fashion. Nevertheless, potential risks loom, including macro factors such as ongoing regulatory scrutiny on crypto ETFs and the possibility of Federal Reserve rate hikes, which could potentially cap further gains.
Breakout Scenarios and Risk Factors
The chart also highlights historical breakdowns, reminding traders of SOL’s tendency for significant corrections, sometimes exceeding 30%. Skeptical replies to Sheldon’s post, including assertions of “bear market denial,” reflect a divided sentiment. SOL is currently down 15% from its October highs, testing the patience of investors. For investors, this technical setup presents an opportunity, but it is one that should be approached with caution. A confirmed breakout above the $170 resistance level could target $200 by year-end, propelled by continued ecosystem growth. As Sheldon notes, patience during consolidation phases often pays off. Solana’s combination of technological prowess and strategic market timing positions it as a strong contender in the next bull cycle. Traders should stay tuned, as the current sideways movement may soon give way to significant price action.

