- Solana faces resistance at $144-$146, with $150 as a key psychological barrier.
- RSI at 25.87 signals oversold conditions, but a trend reversal remains uncertain.
- Derivatives volume drops 38.49%, while options trading activity surges significantly.
Solana’s price has seen a significant decline over the past month, falling nearly 50% amid fluctuating market conditions. As of press time, Solana (SOL) is priced at $139.30, with a 24-hour trading volume of $6.44 billion.
Despite a minor 0.05% increase in the last 24 hours, the token has dropped 17.69% over the past week. The market capitalization currently stands at $69.38 billion, reflecting a cautious investor sentiment. While Solana’s price movement shows mixed signals, technical indicators and derivatives data highlight key trends that could determine its next move.
Solana’s Price Trend and Key Levels
Solana has exhibited volatility, with prices initially dipping to approximately $138.30 before recovering to a peak near $146. However, resistance at this level led to a slight correction. The price has shown minor upward momentum but remains within a tight trading range.
Support remains strong at $138, as recent price dips below this level have seen quick rebounds. If selling pressure intensifies, the next major support at $135 could come into play.
On the upside, resistance between $144 and $146 remains a hurdle, as sellers actively push prices down at this range. A decisive break above this level could drive the price toward the $150 mark, a psychological barrier that may trigger increased buying activity.
Technical Indicators Signal Bearish Pressure
Solana’s technical indicators suggest a cautious approach. The Relative Strength Index (RSI) is at 25.87, indicating oversold conditions. While this hints at a potential short-term bounce, it does not confirm a trend reversal.
Moreover, the Moving Average Convergence Divergence (MACD) line remains below the signal line, reinforcing strong bearish momentum. The negative histogram bars indicate continued selling pressure, making it difficult for SOL to establish a clear uptrend.
Derivatives Market Shows Declining Activity
AS per Coinglass data, Solana’s derivatives market has seen a substantial drop in trading activity. The total derivatives volume has decreased by 38.49%, settling at $14.47 billion. This decline points to reduced market participation and lower liquidity. Additionally, open interest in Solana derivatives has fallen by 1.95% to $4.34 billion, signaling a cautious approach among traders.
However, options trading activity has surged. The total options volume increased by 44.81% to $1.94 million, indicating a rise in hedging and speculative positions. Moreover, options open interest climbed by 29.36%, reaching $6.49 million. This suggests that traders are positioning themselves for potential price swings in the near term.
