- Solana faces strong resistance near $144, with heavy sell pressure hindering its price movement.
- Solana’s market sentiment has shifted, as traders become more cautious and support at lower levels strengthens.
Solana (SOL) has hit a crucial price point as it faces increasing sell pressure. According to on-chain data from Glassnode, nearly 27 million SOL tokens last moved between the $144 and $156 range, marking this zone as a significant resistance level. As Solana revisits these levels, selling pressure is expected to intensify, especially as many traders are holding SOL within this price band.
From March 19 to 31, Solana’s supply data revealed signs of profit-taking and reaccumulation. The key observation was a 0.3% increase in tokens moved at $144.54, while holdings at $147.49 saw a slight dip of 0.1%. This indicates reduced confidence in pushing beyond the $147 mark and a shift toward lower price zones, signaling that Solana’s rally may be hitting a roadblock.
The Struggle for Support at Lower Levels
While resistance remains a challenge, Solana’s lower price range seems to be gaining traction. Accumulation has notably risen near $112, where holdings have more than doubled since January. This suggests that market participants are preparing for a potential bounce from this support zone. However, as long as SOL continues to face heavy sell pressure near the $144 to $147 range, a sustained break above these levels remains unlikely.
Shifting Sentiment: Traders Turn Cautious
The sentiment around Solana has shifted in recent weeks. From March 18 to 24, SOL experienced a sharp rise, moving from $120 to over $140, with long positions peaking. However, after March 25, the price dropped to around $125, and funding rates turned negative, reflecting bearish sentiment in the market.
This shift was confirmed by liquidation data. From March 24 to April 2, $5.6 million of the total $7.6 million in liquidations were long positions. The unwinding of these positions added to the volatility, reinforcing a market that is growing increasingly cautious.
Solana’s Struggle for Stability: Can It Find Its Footing?
Looking ahead, Solana’s price action remains range-bound below $130, with support around $123. The market is currently consolidating, with lower active user engagement signaling a more subdued environment. A decisive trigger is needed to either break the resistance or solidify the support zone below.
For now, Solana’s short-term outlook depends on whether buyers can absorb the sell pressure and push the price beyond the resistance at $144. Until then, SOL may remain in a period of consolidation, waiting for the next big move.
