Solana Eyes Breakout as Resistance Nears at $145
Key Takeaways
- Solana (SOL) is approaching a key resistance zone at USD 145.
- The price range between USD 124 and 145.5 shows high trading activity – a sign of strong resistance.
- Technical indicators suggest short-term overheating, making a correction likely.
- A pullback to USD 132–136 could present a buying opportunity.
- A breakout above USD 145, accompanied by a rise in Bitcoin, could pave the way to USD 160.
Solana in Focus: Resistance at USD 145
Solana (SOL) is currently showing signs of a potential trend reversal. After dropping to USD 100 two weeks ago, the price is recovering and now approaching the USD 145 mark. This zone is considered a “supply zone” – an area where many market participants are willing to sell. This makes it difficult for the price to sustainably break through this level.
What Is a Supply Zone?
A supply zone is a price range where many sell orders have occurred in the past. Traders expect increased selling pressure in this area. For Solana, this zone currently lies between USD 124 and 145.5. This assessment is based on the Fixed Range Volume Profile – an analysis tool that measures trading volume at specific price levels.
Overview of Technical Indicators
Several indicators provide insights into the current market situation:
- On-Balance Volume (OBV): The OBV has been rising over the past six weeks, indicating buying interest. However, it stagnated last week – a sign of uncertainty between buyers and sellers.
- Stochastic RSI: This indicator is in the overbought zone, suggesting a potential short-term correction.
- MACD: The Moving Average Convergence Divergence continues to show bullish momentum, indicating an intact upward trend.
Liquidity Data and Potential Price Movements
Data from Coinglass shows a high concentration of short positions between USD 140 and 144. If this area is breached, many of these positions could be liquidated – known as a short squeeze. This could lead to a rapid price increase in the short term.
However, if Solana fails to break through the USD 145 level, pullbacks to USD 132 to 136 could follow. These zones are considered short-term support levels and may offer attractive entry points for traders.
Bitcoin as a Sentiment Driver
Overall market sentiment is heavily influenced by Bitcoin (BTC). If BTC weakens, it could also weigh on Solana’s price. Conversely, a bullish Bitcoin could support a breakout above USD 145 and enable a rise to USD 160.
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Our Assessment
Solana is at a critical juncture. The area around USD 145 is highly contested. Technical data points to a short-term correction, but the medium-term trend remains intact. Traders should watch for a clear breakout above USD 145 or wait for a pullback to the USD 132–136 range. Bitcoin’s further development remains a key factor for Solana’s price trajectory.
Sources
- TradingView
- Coinglass
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