Solana Consolidates Around $140 as Traders Watch for Price Move
Solana has experienced significant selling pressure, with a value decrease of over 57% since January 13. Current market sentiment indicates bearish conditions, making it challenging for bulls to regain momentum. Investors are monitoring signals for a potential trend shift.
Despite the prevailing bearish outlook, some analysts suggest that the correction may be nearing an end. They are looking for key technical confirmations that could signal a reversal or breakout soon.
Analyst Ali Martinez reported that Solana is in a consolidation phase within a wide range pattern, which often precedes increased volatility and a potential price breakout. If historical patterns hold, SOL may be preparing for an upward movement as market conditions stabilize.
Solana Struggles Around Crucial Demand
Solana is attempting to maintain the $140 support level while facing a downtrend. Analysts caution that further declines are possible unless bullish momentum is established.
Recent events, including ongoing trade tensions and President Trump’s executive order regarding a Strategic Bitcoin Reserve, have added uncertainty to the market. The anticipated bullish reaction from this executive order did not materialize.
Some indicators point to possible volatility ahead. Martinez's analysis reveals that SOL is consolidating within a right-angled ascending broadening pattern, historically associated with significant price movements.
If SOL falls below $140, a deeper correction could occur. Conversely, if it surpasses key resistance levels, it may reverse the current downtrend.
Traders are closely watching SOL’s price action for decisive movement that will determine its next major trend.
Solana Battles To Hold Ground At Lower Levels
Currently priced at $139, Solana struggles to reclaim the 200-day Moving Average and Exponential Moving Average around the $184-$186 resistance zone. This failure to break above critical levels puts additional pressure on bulls, risking new lows below $125.
The continued bearish momentum confirms a downtrend, with potential breakdowns below $140 and $125 leading to lower demand zones.
However, recovery remains possible if bulls manage to push SOL above $180. A successful reclaim could signal a shift in market sentiment and initiate a strong recovery.
In summary, traders are assessing whether Solana can maintain its key support or if further declines are imminent.