Solana Battles Key $145 Support Amid Bearish Pressure
Solana (SOL) faces a vital turning point as $145 represents a crucial support area for its Layer 1 blockchain token. Experts and market analysts are closely focusing on Solana’s current price dynamics due to the cryptocurrency market’s ongoing stagnation.
The price of Solana achieved its highest point at $157 following its successful recovery from $95 during early March. Yet, momentum has since stalled.
The pressure from bull investors has not been enough to establish a position beyond the essential $150 psychological price mark, which triggered neutral price movements. SOL trades at $148 at the moment, while keeping itself confined within the resistance and support zones of $155 and $145.
Bearish Patterns Threaten Solana’s Short-Term Outlook
The 4-hour time frame shows bullish signs competing with bearish indicators as they appear. The asset works to sustain itself over the 50 EMA, which functions as a moving support barrier.
Recent price movements indicate growing downside risks because an ascending trendline failed to hold and a bearish head-and-shoulders pattern formed, using the $145 support line.
Solana will likely fall rapidly to $137 when price drops beneath $145 since this level represents the 200 EMA support. The token needs additional declines to reach the $124 support level, which would generate short-term bearish sentiment amongst investors.
Macroeconomic data currently indicates a possible bright outlook even as short-term hurdles challenge the market. The weekly Solana chart shows a cup-and-handle pattern, according to analyst Ali Martinez.
SOL currently displays the last phase of the “handle” pattern, which extends towards the $300 neckline . A successful breakout has the potential to drive the token’s price to its most elevated point in history.
The weekly market analysis reveals a major narrative despite current market price fluctuations as per Martinez’s statement. The bullish scenario for Solana will stay active, provided its price remains above $145.
A price increase above $155 presents a crucial resistance point, which may push Solana past $165 toward $180 while strengthening bullish market sentiment. Solana holders focus their attention on $145 because this price represents the critical protective threshold.
