- Solana (SOL) remains locked between $124 support and $145 resistance.
- Current price action sits in the center of the range, offering weak trading conditions.
- A breakout above $145 or breakdown below $124 is needed to confirm the next major trend.
Solana (SOL) is still experiencing low momentum. The asset has remained in a very tight trading band between $124 and $145 with no clear breakout either side. On-chain analyst Ali noted that over the past days, SOL has formed a defined sideways structure by fluctuating between $124 and $145.
Currently, SOL is in the mid-range zone, the most uncertain and not-so-preferable area, as analysts often describe it for opening new positions. The price repeatedly gets rejected from the upper boundary but finds steady, yet weakening, demand near its lower end.
Range-Bound Trading Limits Opportunity
Ali’s chart demonstrates that SOL has tested both ends of the channel on multiple occasions but without a decisive breakout. This sort of pattern often indicates indecision in markets, balanced buying and selling pressure, and a probable volatility expansion once the range breaks.
SOL might continue to move sideways until bulls can reclaim $145 or bears push a decisive drop below $124.
Also Read: Crypto ETFs Surge as Bitcoin, Ethereum, and Solana See Major Inflows
Current Price Action: Trend, Resistance, and Support Breakdown
Solana (SOL) currently has a market capitalization of approximately $76.94 billion, with a trading volume of about $6.36 billion in the last 24 hours. At press time, the altcoin is trading at $137.0, having increased by 2.58% over the past 24 hours.
The price is moving in a bullish trend and is currently testing a resistance level near $138.31. If it breaks above this, the next target could be $140.00. On the downside, the support level is around $132.26. If the altcoin falls below this level, we might see a drop towards $120.00.
The blue line indicates the resistance level at $138.31, while the yellow line represents the support level at $132.26.
What Traders Should Watch Next
Market analysts say one could see the next directional move, most likely in case of a break above $145. This could signal further upside towards $150-$158. A break below $124 would open the path for downside towards $118-$110.
For now, SOL is in “no-trade territory,” Ali said, since mid-range entries tend to offer unfavorable risk-reward.
Also Read: Solana Holds $138 Support While On-Chain Data Reveals Tightening Liquidity
