Solana bulls have maintained their advantage in the market over the past week. Thanks to this, the cryptocurrency has approached a key level. A breakout above this level could push the token price higher in the coming days or weeks.
Solana Approaching Resistance
Data from CoinMarketCap shows that Solana has gained more than 7% over the past seven days. At press time, the token was trading at $147.28. Meanwhile, Ali, a popular cryptocurrency analyst, posted a tweet noting that SOL is approaching a key resistance level.
According to the tweet, Solana breaking above the $154 resistance level is crucial. A rejection at this level could push the token lower. Specifically, a failed test could take Solana back to $85, which could be disastrous for many investors.
In addition, information from TinTucBitcoin on Coinglass data also shows a negative indicator. The findings show that Solana's long/short ratio has decreased.
Whenever this indicator falls, this shows that there are more sell positions than buy positions in the market, and this can be considered a bearish sign.
In addition, the net inflow of SOL also turned positive. This clearly indicates that the selling pressure on this Token is increasing. Specifically, Solana's inflow reached $48 million on September 21, 2024.
The increase in selling pressure indicates that the possibility of a price correction is high.
TinTucBitcoin then reviewed the tokenâs daily chart. The analysis showed that Solanaâs Chaikin Money Flow (CMF) has slightly decreased. This suggests a possible price correction. However, the MACD indicator is showing bullish signals, indicating the buyersâ advantage in the market.
According to Hyblock data, if the downtrend continues, SOL will have a strong support level at $144. From there, the token could recover. If this happens, SOL could hit $150 before aiming for $156.
