- Solana trades near $135 after bouncing from recent channel support range.
- Price tests $140 resistance which previously rejected multiple breakout attempts.
- Daily volume increased as Solana moved above short-term moving averages.
Solana (SOL) shows early signs of recovery after weeks of downward pressure, attracting fresh attention from analysts. Price action now tests critical levels as it moves above short-term indicators while facing local resistance.
Solana Tests Resistance After Breakout Attempt
Solana (SOL) has begun showing signs of recovery after a period of steady decline. The asset rose 4.17% in the last 24 hours and is now trading around $135.00. This upward movement comes as the token attempts to break out of a descending channel formed in recent weeks.
The short-term trend has shifted slightly, supported by price moving above the 9-day exponential moving average (9EMA). Trading volume has also picked up, with a 24-hour volume of $10.87 billion. Analysts note that buying pressure has started to return as price approaches the top of the descending pattern.
According to Alpha Crypto Signal, “The top of the channel could mark a potential breakout point, especially if volume continues to rise.” While the recent green candles suggest momentum building, confirmation is still required from a sustained move above resistance.
Key Price Levels Hold Short-Term Direction
SOL currently faces a short-term resistance band between $139.80 and $140. This level has rejected several rallies during the past month. Breaking above this zone would be the first step before challenging the next major area around $145, which is the high-volume node from the last two years.
Daan Crypto Trades commented that the $145 level is “a key area” locally. If the price moves above it, the next target could be around $155. However, the token first needs to reclaim strength above the $140 resistance.
Support for SOL sits between $133.50 and $134.80. Holding this zone is vital to maintain the current upward push. A breakdown below this level may send the price back toward $129.80, where recent lows created temporary relief.
Meanwhile, the broader outlook is now focused on whether SOL can exit the descending channel. The presence of higher volume and increasing buy interest adds weight to a potential breakout. Yet, the market still waits for confirmation before further upside can be established.
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.
