Solana Eyes Breakout Amid Tight Trading Range
Key Takeaways
- Solana (SOL) has been trading within a narrow price range between $146 and $150 USD for several days.
- Technical indicators such as the Bollinger Bands suggest an impending price movement.
- A breakout above $150 USD could push the price toward the $156–158 USD range.
- A drop below $146 USD carries downside risks down to $138 USD.
- High leveraged positions in the $142–144 USD range could trigger liquidations.
Solana in a Tight Price Range – A Decision Point Approaches
For several days, Solana (SOL) has been hovering within a narrow range between $146 and $150 USD. This sideways movement follows a strong upward trend from $136 to $157 USD. Such tight price ranges often signal an upcoming directional move. Technical analysts refer to this as a “Bollinger Band Squeeze” – a phase of low volatility that often precedes a significant price movement.
Technical Analysis: Focus on Resistance and Support Levels
Currently, the price of SOL is around $147.23 USD. It is fluctuating between the volume-weighted average price (VWAP) at $148.07 USD and the so-called Value Area Low (VAL) between $146.34 and $146.62 USD. The VWAP indicates the average price traded over a specific period. Remaining below this level signals weakness.
A breakout above $148.07 USD could trigger a move toward the $150–150.5 USD range. If SOL manages to break through this area, a rise to $156–158 USD is realistic. However, if the price fails at the $148.3 USD level, a pullback to $146 or even $144.5 USD is possible.
Market Structure: Buyers Showing Weakness
The current price distribution shows low market activity. This suggests a balanced relationship between buyers and sellers. However, the cumulative volume delta (CVD), combined with the open interest delta (OI Delta), indicates that buyers are currently lacking momentum. Repeated rejections above $148.5 USD support this observation.
Leverage Positions Could Amplify Price Movement
According to data from Hyblock Capital, over $1 billion USD in leveraged positions are concentrated in the $142 to $144 USD range. If the price drops into this zone, long positions could be liquidated. This would add additional selling pressure and could drive the price further downward.
On the upside, the next strong resistance lies between $150 and $158 USD. A breakout through this zone could activate buyers and push the price toward $152 USD. Historically, price tends to linger in areas with high liquidity – where many market participants are active.
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Our Assessment
Solana is at a technical turning point. The narrow price range between $146 and $150 USD won’t last forever. Technical indicators and market structure point to an upcoming move – though the direction remains uncertain. Active traders should keep an eye on the $148.3 USD resistance level and the $146 USD support level. A break of these zones is likely to determine the short-term direction. Leveraged positions in the $142–144 USD range could lead to liquidations during downward moves and increase volatility.
Sources
- Hyblock Capital
- TradingView
- X (formerly Twitter)
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