- Solana’s trading volume and weighted sentiment dropped in the last few days.
- SOL can make a rebound if it drops to $144.
Solana [SOL] bulls have managed to maintain their advantage in the market over the last week. Thanks to that, the token has been approaching a crucial level. A breakout above that could push the token’s price further up in the coming days or weeks.
Solana approaches a resistance
CoinMarketCap’s data revealed that Solana surged by over 7% over the last seven days. At press time, it was trading at $147.28. In the meantime, Ali, a popular crypto analyst, posted a tweet highlighting the fact that SOL was approaching a crucial resistance.
As per the tweet, it was important for Solana to go above the $154 resistance because a rejection at that marl could push the token down. To be precise, a failed test could push Solana down to $85 again, which might be disastrous for several investors.
Source: X
Apart from this, AMBCrypto’s look at Coinglass’ data also revealed a bearish metric. Our findings suggested that Solana’s long/short ratio dropped.
Whenever the metric declines, it indicates that there were more short positions in the market than long positions, which can be inferred as a bearish signal.
On top of that, SOL’s netflow also turned positive. This clearly suggested that selling pressure on the token was rising. To be precise, Solana’s inflow touched $48 million on the 21st of September 2024.
A hike in selling pressure indicates that the chances of a price correction are high.
Source: DefiLlama
AMBCryoto then assessed the token’s daily chart. Our analysis revealed that the Solana’s Chaikin Money Flow (CMF) registered a downtick. This hinted at a price correction. However, the MACD was bullish as it displayed a buyers’ advantage in the market.
Source: TradingView
Read Solana’s [SOL] Price Prediction 2024–2025
As per Hyblock’s data, if the downturn continues, then SOL has a strong support at $144. From there, the token can make a rebound. If that happens, then SOL might touch $150 before it eyes at $1564.
Source: Hyblock Capital