Solana’s (SOL) price has faced significant challenges after breaking a new all-time high (ATH) of $295, but recent developments suggest potential for a recovery despite bearish pressures. Following its ATH, SOL seemed poised for a rapid climb toward $500 by the end of 2025. However, the rise of coins on the Solana network has negatively impacted the rally, causing the token to consolidate within a narrow price range. As the bulls struggle to gain control, and the bears remain passive, the question arises: Will Solana reclaim the $180 level before the month ends?

Current Price Action and Market Sentiment

Ever since SOL dropped below the psychological $200 barrier, the bulls have struggled to regain momentum. Despite these challenges, many market participants remain bullish on Solana, particularly following a new survey indicating strong investor confidence. A significant portion of FTX creditors are planning to reinvest their repayments into cryptocurrencies, especially Solana, with 44% expressing confidence in the network. Additionally, 71% of creditors have stated their intent to buy more SOL if its price dips below $145, showcasing trust in the long-term potential of Solana.

Despite the optimism, the SOL price is still battling resistance and has failed to break above critical levels. Currently, the price remains stuck within a range of $169 to $176, a narrow zone that has limited upward movement in recent days. Although the bulls are trying to push for a recovery, the selling pressure is still noticeable, as indicated by the MACD, which suggests the bears continue to exert influence over the market.

Technical Indicators and Price Forecast

A closer look at the technical indicators reveals that while SOL’s momentum has been stalling, there is still some potential for a price recovery. The Chaikin Money Flow (CMF) continues to trade below 0, signaling that the bears are still in control. This suggests that there is a possibility of further downward action, potentially bringing the price below $160. However, an interim support zone around $158 could help prevent a significant drop, offering a base for potential price stabilization.

A drop below $150, while not immediately likely, is still a concern as the overall market sentiment remains weak. The ongoing uncertainty surrounding the coin fallout and the recent scandals related to the Meteora project may continue to affect the token’s price movement. However, despite the bearish short-term outlook, the growing optimism surrounding the potential approval of a spot Bitcoin ETF could provide the catalyst for a stronger rally, keeping the long-term prospects for Solana positive.

Long-Term Outlook for Solana

While Solana may not reach $180 by the end of the month, its long-term prospects remain bright. The current consolidation phase may give way to a stronger rally in the future, especially if broader market conditions improve and the spot Bitcoin ETF is approved. Given the strong confidence from FTX creditors and the potential for renewed interest from investors, Solana’s price may continue to rise over time, making it an attractive asset for long-term holders.

In conclusion, Solana’s price action is currently caught between bullish optimism and bearish pressures. While reclaiming $180 before the month ends seems unlikely, the growing interest from investors and the upcoming developments in the crypto market could lead to a significant rally in the future.