Solana ($SOL) Price Prediction for May 23: Bulls Eye $180 While Market Awaits Breakout Confirmation

• Solana price hovers near $175.90 with bullish momentum building against key resistance near $178.
• RSI and MACD indicators show continued strength, but overbought signals suggest a pause or pullback.
• A breakout above $180 could open the door to $188 and $218, while support holds near $170 and $162.

After staging a strong rebound last week, the Solana price today is trading near $175.90, holding above short-term EMAs and pressing against critical resistance zones. As the broader crypto market steadies following Bitcoin’s rally past $110K, Solana price action is now showing signs of momentum, though upside remains capped by the $177–$180 rejection zone.

Investors are watching closely as the price consolidates near a key breakout threshold. Will bulls finally crack through the $180 barrier, or will the overhead resistance trigger a local pullback?

What’s Happening With Solana’s Price?

The current Solana price reflects a clear uptrend across multiple timeframes. On the 4-hour chart, Solana price today is consolidating just below a resistance block around $176.50–$178, with strong support layered around $170. The price has formed higher lows since May 16 and is now attempting to break a horizontal ceiling that has capped recent rallies.

The ascending trendline remains intact on both the 4-hour and 30-minute charts, suggesting short-term control remains with buyers. However, a failure to hold above $175.20 could trigger a pullback toward the $170–$168 region, which has acted as an accumulation zone for the past week.

RSI, MACD, and Volatility Indicators Show Mixed Strength

The Relative Strength Index (RSI) on the 4-hour chart currently sits around 60.23, with a recent high of 64.01, signaling moderately strong momentum but nearing overbought territory. On the 30-minute chart, the RSI has dipped slightly from its peak, hinting at consolidation before the next move.

The MACD remains bullish with a positive histogram, albeit with a narrowing spread between the MACD and signal lines, suggesting that momentum is slowing.

Meanwhile, the Solana price volatility remains elevated as Bollinger Bands continue to widen. The price is currently testing the upper band resistance, with the middle band aligned near the $170 support, reinforcing the importance of this level as a short-term pivot.

Stochastic RSI on the 30-minute chart has entered the oversold region (19.06), suggesting the possibility of a near-term bounce if bulls regain momentum.

Fib Levels and Daily Chart Reveal Medium-Term Targets

On the weekly chart, Solana price action has reclaimed the 0.382 Fibonacci retracement level at $171.65, after bouncing sharply from $142 support. A clear push above the 0.5 Fib level at $195.22 would be the next bullish milestone.

The daily chart also shows that Solana price spikes have been repeatedly rejected near $177.81, reinforcing it as the near-term resistance to beat. If price sustains above this mark, the next levels of interest lie at $188.20 and $218.79 (Fib 0.618), both of which could be re-tested over the coming weeks if market sentiment holds.

Conversely, failure to break $178 could drag price back toward the $160.74 dynamic support zone and potentially as low as $142.48, should bearish volume rise.

Short-Term Solana Price Forecast: Will Bulls Break Above $180?

Based on the current structure, the Solana price update for May 23 suggests the market is at a technical inflection point. If bulls maintain momentum above $175 and confirm a 4-hour close above $178, the next short-term target becomes $188, followed by $195 and $218.

However, given the declining volume and signs of hesitation near resistance, a rejection from the $178 zone could send the Solana price back to test the $170 trendline. A breakdown below $167 would invalidate the current bullish structure.

Why Solana Price Going Up Today

The question many traders are asking is: why is the Solana price going up today? The answer lies in the combination of strong bullish structure, reclaim of key Fib levels, and favorable macro sentiment surrounding Bitcoin. With rising activity on Solana’s ecosystem and improved network metrics, the recent accumulation appears to be translating into upward price action.However, bulls still need to deliver a decisive breakout above $180 to avoid another rejection phase.