Solana has seen a strong resurgence over the past few days. Since June 22, the asset went on a 16% rally, giving buyers a much-needed fighting chance to break the monthlong downward trend.
At this time, Solana stands at a significant pivot zone that could set the tone for price action moving forward. The resistance at $142.00 has shown strength to stop a bear run in the past. Now, buyers face the challenge of flipping that same level into support if they hope to extend the rally and shift the broader trend back in their favor.
Current Solana Snapshot
The $SOL token is valued at $143.07, trading on a 1.35% decrease over the last 24 hours. Even with the rally on June 22, Solana is still bearish on a weekly timeframe, currently holding 3% losses. The Monthly scenario is even grimmer, with the altcoin erasing over 17% of its value over the last 30 days.
However, the $143.50 – $142.00 zone has served as a big liquidity magnet in Solana’s history, repeatedly acting as both resistance and support during key market pivots. Whether bulls can overcome this level with volume-backed conviction may determine if $SOL resumes its recovery or slips back into broader downside continuation.
Outside Factors to Know
The crypto market has unquestionably been on shaky legs over the past two weeks. As news of the conflict between Israel, the U.S., and Iran arises, investors can become too risk-averse, or even too euphoric, depending on how headlines evolve by the hour. As of now, the ceasefire between Israel and Iran appears to be holding, though it remains fragile and tense.
On the flipside, new developments involving a Solana exchange-traded fund have come out today. Invesco and Galaxy Digital have officially filed for a Solana spot ETF, becoming the ninth issuer to enter the race.
Whales on The Move
Potentially boosted by the ETF news, Solana whales got their assets on the move today. According to the whale tracker “Whale Alert”, Solana whales moved about $1.3 billion worth of SOL between anonymous wallets.
The fact that this sum didn’t cause a major selloff in Solana’s price may indicate that these transfers were not liquidation events, but rather strategic repositioning.
Technical Breakdown
The 16% surge on June 22 allowed Solana to retest the current downward trend line that the asset has been under since May. However, momentum was quickly rejected as $SOL approached that zone, signaling hesitation from bulls and reinforcing the strength of the existing resistance.
However, if the price continues to range around the $142 – $143 zone, things could get interesting. RSI on a 1-day chart is currently at 44.50 points, near the middle of the road, showcasing how hesitant investors are at this level.
Meanwhile, MACD appears poised to flip bullish, with a crossover forming and histogram building upward momentum.
The current pivot zone that Solana is at makes it a make-or-break level for short-term momentum. MACD and overall on-chain news may corroborate the idea of a bullish breakout; meanwhile, outside factors like the crypto market turning bearish may postpone any potential rally.
If bulls can flip $143 into support, Solana could revisit $150. But failure to hold above $140 may open the door for further downside, likely to $133.00.
Technical Analysis Recap
- June 22 Rally: Solana surged 16%, testing the descending trend line it’s been under since May.
- Rejection Near Resistance: Momentum stalled near the $143.00 zone, reinforcing it as a key resistance level.
- MACD Outlook: Histogram shows signs of flipping bullish; moving averages are nearing a potential crossover.
- Critical Pivot Zone: Price continues to hover between $142.00–$143.50—historically a major liquidity zone.
- Upside Scenario: A confirmed breakout above $143.50 could open the door to $148.50 and potentially $155.00.
- Downside Risk: Failure to hold $140 could result in a slide back to the $134.50–$130.00 support range.
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