Solana Smashes Into Resistance Again—But This Time, The Charts Are Whispering A Secret

Solana's price action just slammed into a familiar wall—but don't tune out yet. This isn't your average rejection.

The Setup: SOL's latest rally met brutal resistance at a key level, mirroring past failures. Textbook bearish signal? Maybe not.

The Twist: Volume patterns and derivatives data hint at stealthy accumulation. Retail's panicking while whales might be loading up—classic misdirection.

Why It Matters: Break this ceiling, and the FOMO floodgates swing wide open. Fail? Cue the 'I told you so' tweets from Bitcoin maxis.

Bottom Line: Markets climb walls of worry—and Solana's builders haven't stopped shipping while traders obsessed over lines on a chart. (Meanwhile, Wall Street still thinks 'blockchain' is a type of ski equipment.)

$145 resistance: Just another déjà vu moment?

At press time, SOL traded at $144.3, up 2.35% on the day. However, this MOVE wasn’t backed by strength.

CoinMarketCap showed that 24-hour trading volume dropped 15%, a sign that enthusiasm was lagging despite the price advance.

This drop in trading volume hints at weak upside momentum, and also suggests that traders and investors are potentially waiting for clear signals—either bullish or bearish.

However, these signs could appear only after a breakout or the formation of a bearish candlestick pattern.

History has a pattern, and SOL might be repeating it

According to AMBCrypto’s technical analysis, SOL displayed two bearish setups and was also on the verge of shifting this bearish trend to a bullish one.

On the daily chart, SOL appeared to be hovering within a descending channel pattern between its upper and lower boundaries. In addition, it has also broken below the neckline of a bearish head and shoulders pattern.

Source: TradingView

Zooming out, SOL’s price had repeatedly failed to close above the upper channel since May. Each rejection was followed by a drop.

Unless a strong daily close materialized above $148, another rejection remained likely.

However, if the ongoing rally continues and the price breaks out of the upper boundary, it could end its prolonged bearish trend and may see an upside momentum of over 20%, potentially reaching the $184 level.

On the daily timeframe, SOL still sat below the 50-day Exponential Moving Average—a sign that bulls hadn’t reclaimed dominance yet.

The Relative Strength Index (RSI) hovered at 46, suggesting mild momentum but nothing strong enough to break out convincingly.

Expert predicts bullish reversal toward $150–$160

Given the current market sentiment, one popular trader on X claimed that a bullish “W” formation was forming.

The expert noted,

“SOL is showing signs of recovery after hitting the major low at $125.99. A potential W-shaped pattern is forming again, hinting at a bullish reversal toward the $150–160 zone.”

$20 million SOL move into exchanges, sell-off incoming?

However, investors and long-term holders appear to be opposing this bullish outlook, as they are seen dumping SOL on exchanges.

Data from CoinGlass revealed a massive $21.07 million inflow of SOL into centralized exchanges over the last 24 hours.

Source: CoinGlass

This substantial inflow into exchanges indicates potential dumping, which could create selling pressure and cause the asset to continue its downward momentum.