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Solana Hits Major Resistance Again – But Something’s Different This Time
Solana has once again hit a significant resistance level of $145, but there are subtle differences in the market dynamics compared to previous instances. The cryptocurrency has been testing this zone for some time now, and it remains unclear whether the bulls will be able to push past this hurdle.
Solana traded near $144.3 at the time of writing, with a 2.35% increase over the past day. However, it’s essential to note that this surge hasn’t come with increased trading volume, as the 15% drop in 24-hour trading activity suggests traders are hesitant to get involved.
Investors and long-term holders may be seen dumping their SOL holdings on exchanges, with a staggering $21.07 million worth of tokens moving into centralized platforms over the past 24 hours. This significant inflow could potentially create selling pressure, making it difficult for Solana to break through this resistance level.
The chart analysis highlights that Solana has repeatedly failed to close above this upper channel boundary since May. Each rejection has led to a corresponding decline in price. Therefore, another failure would likely result in a decrease to the $125.99 low reached earlier this year.
On the other hand, if Solana can break through the resistance level and maintain its position above it, an upside momentum of over 20% is possible, with some predicting a potential reversal towards the $150-$160 zone.
The bearish head-and-shoulders pattern, on the daily chart, also indicates a possibility of a reversal if SOL manages to clear this hurdle. Nonetheless, traders must be cautious and keep their emotions in check as the current market sentiment remains uncertain.
It is crucial for investors and traders alike to closely monitor Solana’s price action and potential chart developments that could signal either an upward or downward trend.
Source: ambcrypto.com
