SOL continues to trade within a consolidation range, with buyers and sellers battling at critical support and resistance levels. The chart indicates that price action is approaching key decision points that will likely determine the next significant move.
Key Levels to Watch:
• Immediate Resistance: $150 – $155
• Immediate Support: $130 – $135
• Upside Breakout Target: $178 – $180
• Downside Breakdown Target: $120
• Extended Bullish Target (If $180 Breaks): $188 – $190
Solana Technical Analysis: Market Overview
Currently, SOL is struggling to break above the $150 – $155 resistance range, indicating strong selling pressure at these levels. If the price manages to break and sustain above $155, it could trigger a wave of bullish momentum, leading to an initial target of $178 – $180. A further breakout above $180 would likely induce short covering, potentially pushing SOL toward $188 – $190.
On the downside, the $130 – $135 demand zone is crucial for preventing further declines. A failure to hold this support could expose SOL to deeper losses, with the next major support resting at $120. If SOL breaches this level, bearish sentiment may strengthen, leading to an extended downtrend.
Volume & Momentum:
The volume indicator shows increased activity near support and resistance zones, suggesting active participation from both bulls and bears. The recent rejection near $155 aligns with strong historical resistance, while the demand zone around $130 is a key area to monitor for buyer re-entry.
Solana Technical Analysis: Conclusion
SOL remains at a pivotal point, with $155 acting as the key resistance and $130 as the critical support. Traders should closely observe price action at these levels. A breakout above $155 could lead to further upside movement towards $180, while a breakdown below $130 might accelerate losses towards $120.
However, the price is still under bearish control, and long positions remain highly risky at this stage. It is advisable to wait for clear confirmation of a trend reversal before considering any long trades.
Stay cautious and adjust risk management strategies accordingly.
