Solana (SOL) demonstrates resilience as it stabilizes within the critical $146–$148 demand zone, signaling potential bullish momentum toward the $159.99 resistance level.
Technical indicators including RSI recovery and MACD crossover on short-term charts reinforce the likelihood of an upward price movement in the near term.
According to COINOTAG analysis, the $146–$148 zone has historically served as a strong accumulation area, underpinning Solana’s current price stability and supporting further gains.
Solana stabilizes at $146–$148 demand zone with bullish momentum indicated by RSI and MACD, eyeing resistance at $159.99 for a potential breakout.
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Solana Price Stabilizes Near $146 Support After Recent Pullback
After reaching a weekly peak of $159.99 on July 1, Solana experienced a measured retracement, finding support near the $146–$148 demand zone. This area, linked to previous accumulation phases, has proven pivotal in maintaining price stability. The rebound to $148.05 reflects sustained buying interest, as evidenced by a series of higher lows on the 4-hour chart since the June 23 low of $126.00. Market capitalization remains robust at $79.18 billion, despite a 31.56% decline in 24-hour trading volume to $2.34 billion, underscoring a consolidation phase rather than a sell-off.
Key Demand Zone Reinforces Bullish Structure
Historical price action confirms the $146–$148 range as a significant support level where buyers have consistently entered the market. COINOTAG sources highlight that maintaining this zone is critical for preserving the bullish structure. Analyst Suzzy Defi notes that the current retracement aligns with previous upward triggers, suggesting that as long as Solana holds above this demand zone, the potential for renewed upward momentum remains intact.
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Technical Indicators Signal Potential Upside Momentum
Short-term technical analysis reveals encouraging signs for Solana’s price trajectory. A bullish moving average crossover on the 1-hour chart, reported by Gemxbt, coincides with an upward-trending Relative Strength Index (RSI) recovering from oversold levels. Additionally, the Moving Average Convergence Divergence (MACD) indicator confirms a bullish crossover, indicating a likely shift in momentum favoring buyers. Volume metrics are gradually improving, supporting the technical outlook for a potential price increase.
Resistance Levels and Fibonacci Retracement Insights
Solana faces immediate resistance at $154.21, with a more significant barrier at the recent high of $159.99. Fibonacci retracement analysis from the $118 to $160 range places key support zones near current price levels, reinforcing the importance of the $146–$148 demand area. A sustained break and close above $154 could catalyze a retest of the $159.99 resistance, potentially signaling a continuation of the bullish trend.
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Solana’s price action within the $146–$148 demand zone, combined with supportive technical indicators, suggests a foundation for potential upward movement. Maintaining this critical support level is essential for preserving bullish momentum, with resistance at $154.21 and $159.99 representing key targets. Investors and traders should monitor these levels closely, as a successful breakout could pave the way for further gains in the near term.
Source: https://en.coinotag.com/solana-stabilizes-near-146-support-with-indicators-suggesting-possible-move-toward-160-resistance/