- Solana traded in the vicinity of $ 145, a crucial resistance that was tailored to both a Channel Top and a Bearish neckline.
- For $ 21 million in SOL has been moved to exchanges, does this mean that potential sales pressure sells ahead?
With a profit of 14% in the past week, Solana [SOL] Tested a critical intersection near $ 145 – technically charged and sentimental split.
This level marked the upper limit of a long-term descending channel and the neckline of a bearish main and shoulder pattern.
Its double meaning created both excitement and anxiety among market participants, where the price floated on a crucial turning point.
$ 145 resistance: just another déjà vu moment?
At the time of the press, Sol traded at $ 144.3, an increase of 2.35% in the day. However, this movement was not supported by strength.
Mint market cap shown That trade volume of 24 hours fell by 15%, a sign that enthusiasm was lagging behind despite the price proposal.
This fall in trade volume refers to a weak upward momentum, and also suggests that traders and investors may wait for clear signals – Bullish or Bearish.
However, these signs can only appear after an outbreak or the formation of a bearish candlestick pattern.
History has a pattern and Sol can repeat it
According to the technical analysis of Ambcrypto, Sol showed two bearish setups and was also about to move this Bearish trend to a bullish.
On the daily graph Sol seemed to float within a decreasing channel pattern between the upper and lower borders. Moreover, it is also broken under the neckline of a Bearish’s main and shoulder pattern.
Source: TradingView
Sol’s price zoomed out, since May was repeatedly not closed above the upper channel. Each rejection was followed by a drop.
Unless a strong daily closure above $ 148 was broadcast, another rejection was probably remained.
However, if the current rally continues and the price breaks out of the upper limit, this can put an end to its long -term Bearish -trend and it can see an up -like momentum of more than 20%, which may achieve the level of $ 184.
In the daily period of time, Sol was still under the exponential advancing average of 50 days-one sign that Bulls had not yet recovered dominance.
The relative strength index (RSI) floated on 46, which suggests a mild momentum, but nothing strong enough to break out convincingly.
Expert predicts bullish reversal to $ 150 – $ 160
Given the current market sentiment, a popular trader on X claimed that formed a bullish “W” formation.
The expert noted,
“Sol shows signs of recovery after touching the most important layer at $ 125.99. A potentially W-shaped pattern is created again and indicates a bullish reversal to the $ 150-160 zone.”
$ 20 million Sol move to stock exchanges, sold out?
Investors and long -term holders, however, seem to resist these bullish prospects because they see dumping on fairs.
Data of Coinglass unveiled A huge influx of Sol of $ 21.07 million in centralized fairs in the last 24 hours.
Source: Coinglass
This substantial inflow into exchanges indicates potential dumping, which can cause the sales pressure to be caused and ensures that it continues its downward momentum.