- Solana’s trading volume and weighted sentiment have declined in recent days.
- SOL could rebound if the price drops to $144.
Solana [SOL] The bulls have managed to maintain their lead over the market over the past week. Thanks to that, the token is approaching a crucial level. A breakout above that could further push the token’s price higher in the coming days or weeks.
Solana approaches a resistance
CoinMarketCaps facts revealed that Solana is up more than 7% in the past seven days. At the time of writing, it was trading at $147.28. In the meantime, Ali, a popular crypto analyst, posted tweet highlighting the fact that SOL was approaching a crucial resistance.
According to the tweet, it was important for Solana to get above the $154 resistance as a rejection at that marl could push the token lower. To be precise, a failed test could push Solana back to $85, which could be disastrous for several investors.
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Apart from this, AMBCrypto’s look at Coinglass’ facts also revealed a bearish statistic. Our findings suggested that Solana’s long/short ratio declined.
Whenever the measure falls, it indicates that there were more short positions in the market than long positions, which can be inferred as a bearish signal.
Moreover, SOL’s net flow also turned positive. This clearly suggested that selling pressure on the token was increasing. To be precise, Solana’s inflows amounted to $48 million as of September 21, 2024.
An increase in selling pressure indicates that the chance of a price correction is high.
Source: DefiLlama
AMBCryoto then reviewed the token’s daily chart. Our analysis showed that the Solana’s Chaikin Money Flow (CMF) recorded a decline. This indicated a price correction. However, the MACD was bullish as it showed a buyer’s advantage in the market.
Source: TradingView
Read Solanas [SOL] Price prediction 2024–2025
According to Hyblock data, if the downturn continues, SOL has a strong support at $144. From there, the token can rebound. If that happens, SOL could reach $150 before targeting $1564.
Source: Hyblock Capital