- Solana’s technical outlook shows a bearish setup, with candles trending toward the lower Bollinger Band near $140.89.
- Crypto analysts note that Solana is entering a potential reversal zone if bulls defend the $150 level.
- A successful defense of the $150 zone could drive a rebound toward $175–$185, signaling short-term recovery.
Solana (SOL) is presently experiencing a downward movement, reflecting a steady drop in its overall market value and performance. Over the past 24 hours, the token has dropped by nearly 2.34%, signaling growing selling pressure and reduced investor confidence.
At the time of writing, SOL is trading at $158.31, with a 24-hour trading volume of $5.62 billion, which represents a 47.29% decrease compared to the previous day. The token’s market capitalization stands at $87.55 billion.
Source: CoinMarketCap
Also Read: Solana (SOL) Surges as Forward Industries Unveils $1 Billion Buyback
Solana Technical Outlook Signals Bearish Momentum
The weekly SOL chart shows that candlesticks are moving steadily toward the lower Bollinger Band near $140.89, while the middle band at $191.62 now acts as a significant resistance level. This technical setup signals strong bearish momentum, suggesting that the lower band could serve as a crucial support zone if the selling pressure continues into the next sessions.
Source: TradingView
Momentum indicators affirm this weakness, as an RSI at 43.16 is still below center, indicating decreasing buying pressures. Also, the MACD at -4.52 is still below its signal line at 5.52, indicating that Solana is still experiencing downward pressures and may see more weakness before any potential recoveries.
Solana (SOL) Eyes $185 as Buyers Defend $150 Support
Moreover, the crypto analyst BitGuru highlighted that SOL is experiencing some indication of a possible turnaround after a period of consolidation. Recently, the token touched a crucial demand region around $150-$160, and purchasing actions have begun accumulating there. Market observers are keeping a close eye on this region as a strong buying zone.
Source: X
If SOL is able to sustain itself above the price of $150, then it could witness a shift in market sentiment in favor of buying. Technical analysis forecasts that Solana could easily test the price range of $175-$185, provided that support is held.
However, failure to maintain this region might attract more downward pressures, potentially causing SOL to revisit low liquidity zones below $140. For now, market participants seem cautiously optimistic about SOL as market volumes and market sentiment enhance. It is about to be seen whether Solana is about to consolidate or recover strongly.
Also Read: Solana (SOL) Price Outlook Turns Bullish as Market Eyes $260 Target Ahead
