SOLANA STRUGGLES BUT KEEPS $143 SUPPORT AFTER SEVERAL WEEKS OF LOSSES

Solana (SOL) is currently holding a crucial multi-month support zone around $143 following several weeks of downward pressure. Analysts note that this support level has historically acted as a demand zone, where buyers have stepped in to defend the price over the past two years.

Price Rebound and Volume Analysis

According to cryptocurrency analyst DaanCrypto, Solana recently rebounded from this multi-month support band. The price now sits just below a high-volume trading node identified through volume profile analysis, which represents the asset’s most actively traded area. This suggests that the $143 zone is an important floor for SOL, with previous activity highlighting strong buyer interest.

Technical Indicators and Momentum

Solana is currently trading below both short-term and long-term moving averages, reflecting the recent downtrend. However, momentum indicators show neutral readings, indicating neither strong selling nor buying pressure. DaanCrypto suggests that the recent decline may be approaching an exhaustion point, meaning the cryptocurrency could be preparing for a potential stabilization or reversal.

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Resistance Levels and Recovery Targets

The analyst identified a nearby resistance level as the first recovery target if the price stabilizes. Beyond this, the next significant level corresponds to a liquidity pocket observed in the volume profile, which aligns with consolidation areas from earlier in the year. This provides potential upside targets for traders if the current support holds.

Market Activity and Ecosystem Sentiment

Renewed activity from Solana-based meme tokens has also contributed to increased interest in the ecosystem. This boost in trading activity may support price stability and attract more participants to the network. Analysts emphasize that maintaining momentum will depend on how the market reacts to this increased engagement.

Importance of the $143 Support Zone

Technical analysts note that the ability of Solana to hold above $143 is critical.

• If support holds, SOL may aim for higher resistance zones and potentially resume an upward trajectory.
• If support fails: A breakdown could trigger further declines toward lower support levels, signaling a deeper retracement.

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This makes the $143 level one of the most significant price points for Solana this year.

Outlook for Traders and Investors

Overall, Solana remains at a pivotal price zone. The coming weeks will be decisive in determining whether the cryptocurrency can regain momentum, attract new buying pressure, and resume a recovery trend, or if it may face additional declines. Traders and long-term holders are closely monitoring this support to guide their strategies.

Q1: Why is the $143 level important for Solana’s price?
A: The $143 level acts as a multi-month support zone where buyers have historically stepped in to defend the price. It’s a critical floor that could determine whether Solana stabilizes or continues its downward trend.

Q2: What do technical indicators suggest about Solana’s current momentum?
A: Technical indicators show neutral momentum, meaning there is no strong selling or buying pressure. Solana is trading below both short-term and long-term moving averages, signaling caution for traders.

Q3: What potential upside targets have analysts identified for Solana?
A: Analysts point to a nearby resistance level as the first recovery target. Beyond that, the next key area aligns with a liquidity pocket from prior consolidation levels earlier this year, indicating where significant buying and selling activity could occur.

Q4: How has activity from meme tokens affected Solana’s ecosystem?
A: Increased trading activity from Solana-based meme tokens has drawn attention to the ecosystem, helping support trading volume and potentially reinforcing the $143 support level.

Q5: What could happen if Solana fails to maintain the $143 support?
A: A breakdown below $143 could trigger a move toward deeper support levels, signaling a potential continuation of the multi-week decline and prompting caution among traders and long-term holders.