TLDR:
- Solana cleared the $166.33 Fibonacci level, putting the trade in profit for short-term holders.
- Bitcoin weakness is driving cautious trading, with stops moved to protect capital.
- Key Solana support sits at $156.89, while $220–$227.38 remains the upside target.
- Traders focus on Bitcoin’s next move to gauge Solana’s short-term price direction.
Solana’s swing trade is still green, but confidence is fading. Bitcoin’s recent slip is forcing traders to tighten their stops. Capital protection now takes priority over chasing bigger gains. Some are holding, but many expect price volatility if Bitcoin fails to recover.
For now, Solana’s short-term future depends on what happens next with the market leader.
Solana Price Pushes Above Key Level
Patric H. of CryptelligenceX reported that Solana cleared the 0.5 Fibonacci retracement level near $166.33. This move put the trade in profit and strengthened immediate support.
The $SOL swing trade is currently in profit, and the price has pushed above the first level (0.5).
However, due to Bitcoin's local weakness, I no longer expect this trade to work out as a swing. Raising SL to break even to protect capital. If the market is bullish, the price… https://t.co/412i47yPkr pic.twitter.com/qU5xgJdAyg
— Patric H. | CryptelligenceX (@CryptelligenceX) August 5, 2025
However, Bitcoin’s weakness is making traders cautious. Many now watch closely to see if Solana can keep its position above this zone or risk sliding back.
The price currently trades around $170.81 after gaining 5.02% in 24 hours. Despite that, it remains down 7.43% for the week. That mix of short-term strength and weekly decline reflects the market’s split sentiment.
According to the chart shared by Patric, the 0.618 Fibonacci level around $156.89 is the next key support. A break below this point could lead to a deeper pullback toward $143.45. On the other hand, holding above $166.33 keeps a potential run toward the Weekly Fair Value Gap in play.
That target sits between $220 and $227.38. Traders say this range could attract price if the market regains momentum. Until then, risk management stays in focus.
Bitcoin’s Drag on Solana
Bitcoin’s recent weakness triggered Patric to raise his stop-loss to break even. He noted that if Solana is truly strong, it should not revisit the entry level. This shift signals caution across altcoins, as Bitcoin still drives broader market behavior.
If Bitcoin stabilizes, Solana may hold its ground and push higher. If not, a sharper retracement remains on the table. For now, every trader is watching the same levels and preparing for either scenario.
