Solana's Struggle at $146: Will It Break Through or Face Rejection?
As Solana hovers around $140, attention turns to the critical $146 threshold, with potential for movement based on whale activities and technical indicators.
Solana (SOL) is trading near $140 with a 24-hour gain of 2% and a 7-day gain of nearly 11%. The daily trading volume surpasses $5.5 billion. While the price increases, it remains below a significant resistance point, which analysts are viewing as pivotal for the future direction of the asset.
$146 Marks a Key Level
Analyst Man of Bitcoin regards this rise as corrective. He suggests that as long as the price is under $146, a downtrend could resume. His analysis shows a wave structure indicative of a wave-4 correction. If correct, a potential fifth wave downward could occur, with targets near $118 and $107.
The $146–$149 range is under scrutiny, as closing above this point would dispel the bearish outlook. Until then, the opportunity for a reversal remains.
On another front, CryptoCurb pointed to a MACD buy signal on the 3-day chart—the first occurrence since April 2025 when SOL was valued at around $95. This indicator had previously led to a robust rally. As SOL sits about $138, they assert: "$200+ with haste," indicating positive momentum is building.
$SOL
buy signal confirmed on the 3-Day MACD momentum indicator for the 1st time since the $95 April lows
The MACD crossover strengthens the bullish argument, but to confirm this, a break above current resistance is required. Until such a breakthrough occurs, traders remain cautious about the movement.
Whale Activity and Network Flows
On-chain data indicates that large wallet holders are increasing their positions. An analyst from CW states, “Whales are increasing their long positions in expectation of SOL rise.”
The supply of stablecoins on the Solana network has also escalated, now exceeding $15 billion, which often indicates increased use and monetary inflow into the ecosystem. Reports from CryptoPotato indicate that larger accounts have been accumulating steadily since January, hinting at a shift in sentiment among long-term holders. Meanwhile, the institutional interest in SOL has been on the rise. CryptoBusy reported that ETFs and similar products now hold over 28 million SOL, valued at $3.81 billion. This demand has remained consistent despite recent price fluctuations.
