SOL Downtrend Persists: Key Resistance Levels to Watch for Uptrend Break

3 mins mins

Key Insights:

Solana shows bullish technical signals but struggles with resistance near $130-$135.
Institutional interest grows as Solana ETF inflows exceed Bitcoin and Ethereum combined.
Solana generated over $1.5B in revenue last year, surpassing major blockchain networks.

0ce27a67 fc51 437b b267 9f5ac1cab7c3 — *SOL Downtrend Persists: Key Resistance Levels to Watch for Uptrend Break*

Solana ($SOL) continues to face choppy market conditions, even as it holds key support levels. The cryptocurrency has been closely watched by analysts due to its performance and recent developments. Despite signs of bullish indicators, Solana remains in a downtrend, with several resistance levels acting as barriers for a potential uptrend.

Solana’s Current Price Movement

Solana is trading at $125.67, showing a modest 1.38% increase in the last 24 hours. While the coin has managed to stay above critical support levels, it continues to struggle with resistance near its previous highs.

Based on CryptoCurb, the coin’s price action mirrors patterns seen during its previous bottoms around $95, as observed by market analysts. Technical indicators show some positive signs as the 3-day Relative Strength Index (RSI) is showing a bullish divergence, which often suggests a potential reversal.

The 3-day Moving Average Convergence Divergence (MACD) has formed a bullish cross, signaling possible buying momentum. Analysts caution that these signals need to be supported by a breakout above key resistance levels to confirm a shift in the trend.

Institutional Activity in Solana

Despite the downtrend, Solana is attracting significant institutional interest. According to Recent data from CryptoCurb shows that Solana exchange-traded funds (ETFs) had net inflows of $10.9 million in the past week, surpassing both Bitcoin (BTC) and Ethereum (ETH) ETF inflows combined.

In addition to ETF investments, Solana has been generating significant revenue through its high transaction volumes.

As per CryptosRus, over the past year, the network brought in over $1.5 billion in revenue, surpassing Ethereum and other major blockchain networks. This strong financial performance underscores the continued demand for Solana’s low-fee and high-throughput model.

The Path Forward for Solana

In addition, the key challenge for Solana is breaking through its resistance levels. Market analysts have pointed to the $130-$135 range as a critical resistance zone. If Solana can break above this level, it may pave the way for a more sustained uptrend. The current market conditions remain uncertain, and the coin needs to maintain its support levels to avoid further declines.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.