- Solana’s trading volume and weighted sentiment have been declining over the past few days.
- SOL could bounce back if it falls to $144.
Solana (SUN) The bulls managed to maintain their dominance in the market last week, thanks to which the token is approaching a significant level, above which a breakout could lead to further price increases in the coming days or weeks.
Solana approaches resistance
CoinMarketCap’s data Solana has surged more than 7% over the past seven days. At the time of writing, it was trading at $147.28. Meanwhile, popular cryptocurrency analyst Ali tweet It highlighted that SOL is approaching decisive resistance.
According to the tweet, it was important for Solana to break the $154 resistance level, as a rejection at that level could lead to a drop in the token. To be precise, a failed test could lead Solana to drop back to $85, which could be fatal for many investors.
Source: X
In addition, AMBCrypto describes Coinglass as follows: data We also released the Gomli indicator. Our findings show that Solana’s long/short ratio has declined.
Whenever this indicator decreases, it indicates that there are more short positions than long positions in the market, which can be inferred as a bearish signal.
In addition, SOL’s netflow also turned positive, clearly indicating that selling pressure on the token is increasing. To be precise, Solana’s inflow reached $48 million on September 21, 2024.
Increasing selling pressure means that prices are likely to correct.
Source: DefiLlama
AMBCryoto evaluated the daily chart of the token. According to our analysis, Solana’s Chaikin Money Flow (CMF) was in a downtrend. This suggested a price correction. However, the MACD was bullish as it showed the advantage of buyers in the market.
Source: TradingView
read Solana (SOL) Price Prediction 2024~2025
According to Hyblock data, if the downtrend continues, SOL will find strong support at $144. From there, the token could bounce. If that happens, SOL could reach $150 before targeting $1564.
Source: Hyblock Capital