- Solana must hold $190 support to rebound toward $240 and $300 levels.
- CMF indicator at six-month low signals strong outflows from Solana.
- Exchange data shows investors selling after failed $200 breakout attempt.
Solana (SOL) is testing a key support level at $190, according to data shared by analyst Ali Martinez. The analyst noted that maintaining this level could allow the token to rebound toward $240 or possibly reach $300 if momentum improves.
The chart shows Solana trading inside an ascending channel, where each major support has so far triggered a short-term price recovery.
However, if SOL fails to remain above this support, it may enter a deeper pullback within the channel. Traders are closely observing price action around $190 to determine whether buying activity can stabilize the ongoing downtrend.
Bears Regain Control as Buyers Struggle at Resistance
Solana’s price movement has been restricted after multiple rejections near $200 and $250. The token previously attempted to break above these levels but failed each time. As a result, the asset has been consolidating just below $200, suggesting indecision among market participants.
Technical indicators show that the price has entered the Ichimoku cloud, which remains bearish. The token has dropped below the baseline, signaling weakened upward momentum.
The On-Balance Volume indicator is also forming lower highs and lows, indicating rising selling pressure. Continuous outflows from trading volume may slow Solana’s recovery in the near term.
Investors Begin Taking Profits amid Weakening Confidence
Glassnode data reveals an increase in Solana’s exchange net position change, marking the first sign of selling activity in three weeks. The failed attempt to surpass $200 has triggered profit-taking, showing a shift toward short-term caution among investors.
The Chaikin Money Flow (CMF) indicator has dropped to its lowest level in six months, reflecting reduced liquidity and heavy outflows. This pattern suggests that funds are leaving Solana markets, limiting its ability to rebound strongly.Â
The combination of growing selling activity and weakened inflows may pressure Solana’s price to remain within its current consolidation range.
Overall, Solana’s near-term trend depends on how well the $190 support holds. A rebound could restore confidence, while further outflows may deepen the correction.
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.
