Solana’s SOL token is stabilizing above the $140 mark after bouncing back from a sharp intraday decline. The cryptocurrency is trading around $140.46, down 1.41% over the past 24 hours, following a drop to an intraday low of $135.96 earlier in the session, per CoinDesk Research’s technical analysis.
SOL had fallen nearly 4.9% from its recent high of $142.91 before regaining ground, settling into a narrow range between $140 and $142. Support appears firm near $140.40, but traders remain cautious as resistance at higher levels continues to cap upward moves.
Despite the volatility, Solana’s fundamentals remain strong. The network’s ecosystem is expanding, boosted by the recent introduction of wrapped Bitcoin (WBTC) on Solana. Still, market sentiment is split: some analysts anticipate a push toward the $200 level, while others warn of a possible retest of the $123–$135 zone if selling pressure persists.
Technical Analysis Recap
- Over the past 24 hours, SOL traded in a $7.08 range, sliding from $142.91 to $135.96 before recovering.
- The token is consolidating between $140 and $142, with strong buying support near $140.40.
- A brief rally between 14:32 and 14:37 lifted SOL from $140.48 to $141.40, but the move lacked sustained momentum.
- Selling pressure intensified during the 15:10 candle, dragging prices back down to $140.29 amid a spike in trading volume.
- A descending channel has formed, characterized by lower highs and lows, reflecting ongoing caution in the market.
- Resistance around $142.65 has held firm, blocking multiple breakout attempts and signaling continued overhead selling pressure.
Traders are now closely watching whether SOL can maintain support above $140 or finally break through resistance at $142.65, which could pave the way for a more decisive upward move.
