Solana remains a high-conviction asset for traders and institutional allocators following its breakout in 2021. Since early 2026, sentiment has strengthened due to increasing institutional participation—including ETF-related filings—ongoing protocol upgrades, and expanding DeFi and tokenization activity. These fundamentals support a constructive long-term thesis; however, price action still requires technical confirmation.
Technical Overview
Supply and Resistance: The $145–$150 zone has established itself as a clear supply level. Multiple rejections below $150 after the 2025 highs indicate active distribution. SOL must reclaim and maintain above $145 to unlock further upside.
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Range Bound Price Action: Price has compressed into a multi-month range.
- Demand: Firm between $128–$119, consistently absorbing selling pressure.
- Supply: Dominates $130–$144. Liquidity is thinning, and the Chaikin Money Flow (CMF) shows bearish divergence, signaling buyers have not yet fully asserted control.
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Momentum Indicators: Momentum is gradually improving.
- MACD suggests declining sell pressure and a potential bullish crossover.
- RSI is attempting to recover, pointing to latent upside potential if trading volume expands.
Market Implications
Current activity appears to reflect consolidation rather than capitulation. A decisive break and close above $145 could open the path toward $150 or higher. Conversely, failure to breach this level keeps SOL range-bound, with downside contained as long as $119–$128 holds.
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