Solana (SOL) finds itself at a decisive price level that could determine its short-term fate. As highlighted by analyst Crypto Tony on X, the $148 support zone is acting as a critical pivot for Solana amid increasing bearish pressure and broader market caution.
Currently trading at $152.45, according to CoinMarketCap, Solana is down 2.60% in the last 24 hours, reflecting seller dominance near local highs. The candlestick structure, shared in Tony’s technical chart, reveals a long-standing descending triangle pattern stretching from 2019 to 2025—often a bearish setup unless bulls can decisively flip resistance.
$148: The Level to Watch
The $148 support level isn’t just a number—it’s a historical zone of interest. Technical analysts on TradingView have noted a bearish divergence on the Relative Strength Index (RSI), suggesting that even as prices have attempted to rebound, underlying momentum is weakening.
A confirmed break below $148 could trigger a deeper pullback, potentially down to $140, which served as psychological support during Solana’s 2023–2024 accumulation range. This zone also aligns with Fibonacci retracement levels from Solana’s breakout earlier this year.
On the flip side, holding $148 would open the door to a recovery move toward $160–$163, in line with the weekly EMA(20) at $162.80. A break above that zone could invalidate the descending triangle and reframe the trend as neutral or even bullish.
Sentiment vs. Fundamentals
Crypto Tony, known for his sharp blend of optimism and realism, calls this a “line in the sand” moment for $SOL. The broader Solana ecosystem continues to expand, with strong DeFi TVL growth, NFT marketplace innovation, and integrations like Chainlink’s CCIP, which brings cross-chain utility to the network.
Despite these positives, Solana isn’t without risks. Historical network outages, lingering concerns around centralization, and general macro-market headwinds (like inflation fears and upcoming Fed policy updates) all weigh on sentiment. As such, price is dancing between robust fundamentals and technical caution.
What’s Next?
For traders and investors:
- Bullish Scenario: A strong bounce from $148 with increasing volume could confirm demand and send $SOL toward $160+. If momentum sustains, a larger breakout could be in play.
- Bearish Scenario: A daily close below $148 could trigger a slide to $140 or even lower, especially if accompanied by macro weakness or renewed selling in the broader altcoin market.
With volume thinning and volatility creeping in, Solana’s next move could set the tone for mid-June trading.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
