Solana (SOL) Bulls Charge: Will $150 Resistance Crumble After Strong Support Defense?

Solana's SOL isn't just holding the line—it's punching back. After a fierce defense of key support levels, bulls now have $150 in their crosshairs. Here's why this battle matters.

The Setup: A Textbook Bull Flag

SOL's consolidation below $150 looks less like fatigue and more like a coiled spring. Every retest of support has been met with aggressive buying—classic accumulation behavior before a breakout.

Liquidity Hunt: Whales vs. Retail

Market makers keep painting $150 as an impenetrable wall, but order book depth tells another story. Beneath the surface, bids are stacking up like casino chips on a hot roulette table.

The Catalyst No One's Talking About

While traders obsess over technicals, institutional SOL staking yields just hit an all-time high. Nothing gets capital flowing like yield—except maybe FOMO when price finally breaks north.

Cynical Take: Of course Wall Street's suddenly 'discovering' Solana now that ETH ETFs are priced in. How convenient that their research reports always align with where they need liquidity.

Bottom line? This isn't just about a price level—it's about SOL proving it can lead the next altseason. $150 isn't resistance. It's a speed bump.

TLDR

• Solana holds critical $126-$131 support zone aligned with Fibonacci Golden Pocket
• Stablecoin supply on Solana network dropped from $12B to $10B in recent months
• DeFi TVL fell 15% over 30 days while meme coin market cap crashed to $9.2B
• Technical analysis shows double top pattern with bearish structure intact
• Price targets $150 resistance but risks further decline to $120 if support breaks

Solana price continues to face pressure as it trades at $140.99 following a recent decline that brought the token down nearly 25% from its May highs. The cryptocurrency has been testing a critical support zone between $126 and $131 over the past few days.

This support level represents a key confluence area where the Fibonacci Golden Pocket intersects with the bottom of a descending trend channel. Technical analysts are watching this zone closely as it has successfully held during recent selling pressure.

The token managed to bounce from this support area, pushing toward the $150 resistance level. This level aligns with the upper boundary of the current trend channel fand represents the next major test for bulls.

Despite the recent bounce, the broader market structure remains bearish with a pattern of lower highs and lower lows still defining Solana’s trajectory. The token formed a double top pattern at $186.80 in May, which helps explain the recent downward movement.

For a genuine trend reversal to occur, SOL WOULD need to reclaim previous resistance levels at $158 and $168. Without breaking above these areas, any upward movement risks being temporary rather than sustainable.

Network Metrics Show Mixed Performance

Solana’s network fundamentals are presenting a mixed picture. The supply of stablecoins on the network has been declining, dropping from a peak of $12 billion in April to $10 billion this month.

The number of stablecoin addresses also fell by 6.3% to just over 3.1 million addresses. USD Coin remains the largest stablecoin on Solana, followed by Tether and PayPal USD.

However, some metrics show improvement. Stablecoin transactions on solana rose 2.2% to $178.8 million this month. The adjusted transaction volume increased by 42% to $92.4 billion.

The network’s DeFi ecosystem has weakened with total value locked falling 15% over the last 30 days to $18 billion. This compares unfavorably to Ethereum’s TVL which only dropped 3.28% in the same period.

Competition Intensifies in DEX Market

Solana has lost ground in the decentralized exchange market. The network processed $1.6 billion in DEX volume over the last 24 hours, trailing behind BSC’s $5.95 billion and Ethereum’s $2.17 billion.

This decline coincides with weakness in Solana’s meme coin sector. The total market capitalization of meme coins on the network fell to $9.2 billion from a previous high of over $15 billion.

The token has fallen below key moving averages including the 50-day and 100-day Exponential Moving Averages. Technical indicators like the MACD and RSI continue to show bearish momentum.

Current price action places SOL slightly above the 23.6% Fibonacci retracement level. A failure to hold current support could lead to a test of the $120 level, with further downside potentially targeting $100.

The bearish outlook would be invalidated if the price manages to rise above the 38.2% retracement point at $162. For now, traders are watching the $150 resistance level as the next critical test.

At the time of writing, Solana trades at $140.99 with a 24-hour trading volume of $8.43 billion and a market cap of $75.52 billion, representing a 2.65% decline over the past 24 hours.