- Solana jumped 3.57 percent to $151.13, although the volume saw a 22 percent decrease, indicating a decline in momentum.
- $152.15 marks immediate resistance, with a potential retracement target near $146.
- The TD Sequential indicator shows a sell setup as price tests critical Fibonacci levels.
Solana’s trading activity has experienced a drastic change as the price increased to $151.13, a 3.57% increase in 24 hours. The market cap also increased to $80.77 billion, rising by 3.59% within the same duration. While the increase appears impressive, short-term indications point to possible short-term corrections.
Volume decreased significantly by 22% to $2.45 billion, revealing lesser participation despite the price increase. Analysts are also following closely $152.15 resistance, as technical charts now reflect a potential retracement zone forming close to that price.
Fibonacci Levels and Short-Term Rejection Risks
On the 4-hour chart, Solana has shown clear interaction with Fibonacci retracement levels. The current price action aligns near the 1.0 level at approximately $152.15. That level now acts as resistance. Meanwhile, the TD Sequential indicator flashed a potential sell setup.
This setup appeared after Solana tested and was briefly rejected near the $152 level. The market’s recent structure confirms that price remains vulnerable to downside pressures. Historical resistance at this level further supports the likelihood of a pullback.
Declining Volume Undermines Bullish Momentum
Despite the steady price climb, the daily volume declined by over 22%. This sharp drop in volume, from a previous higher figure, could weaken upward momentum. Moreover, a lower volume-to-market-cap ratio at 3.03% suggests less aggressive market activity. These dynamics often precede short-term corrections when bullish momentum becomes unsustainable. If the current pattern holds, price may revisit support around $145.97 before establishing the next directional trend.
Retracement Levels May Guide Near-Term Outlook
Support remains anchored at $145.97, a level aligned with the 0.618 Fibonacci line on recent chart patterns. If bearish action unfolds, that area could provide temporary stability. Until Solana breaks decisively above $152.15 with stronger volume, the retracement path toward $146 remains valid. Notably, the upper resistance at $154.68 could serve as the next challenge if bullish strength resumes. For now, Solana’s chart structure shows a temporary cooling phase following its recent gains.
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