$SOL Analysis: Navigating Resistance with a Potential Drop to $85 - AMBCrypto Analytics
Solana (SOL) has maintained bullish momentum, surging over 7% to trade at $147.28. However, analysts warn of a critical resistance level at $154. If SOL fails to break above this point, it could drop to $85, posing significant risks for investors.
Data from Coinglass reveals a bearish shift, with the long/short ratio declining, indicating an increase in short positions—a bearish signal. Additionally, selling pressure is rising, with inflows reaching $48 million on September 21, 2024.
While Solana's Chaikin Money Flow (CMF) shows a downturn, hinting at a potential price correction, the MACD remains bullish, suggesting buyer strength.
According to Hyblock’s data, SOL has solid support at $144. If it holds above this level, a rebound could lead to targets of $150 and $156. Monitoring these levels will be crucial for investors in the coming days.
