Solana Price Stabilizes at $148.44 After 1.4% Daily Decline

Solana's price has stabilized at $148.44, following a 1.4% daily decline. The cryptocurrency has reclaimed a key technical level but remains below the $150.84 resistance. This cautious market sentiment is evident as the price consolidates below the immediate resistance, with traders closely monitoring the $145.55 support level. A break below this support could intensify downside pressure, while a move above resistance could signal a strong upward trend.

The 1-hour chart indicates that after a breakout, the price has paused, reflecting a lack of strong momentum. The subdued volume, despite the recent price action, suggests that traders are still cautious and waiting for clearer signals. Previous rallies in Solana have been accompanied by higher volume spikes, which have not materialized in the current scenario. This low volume phase makes the price vulnerable to fluctuations, with potential for further selling if pressure emerges or a strong upward move if demand increases.

Technical levels remain clearly defined, with immediate resistance at $150.84 and support at $145.55. The price is currently trading within this tight range, offering a clear structure for traders to monitor. The broader 24-hour range extends from $147.11 to $147.68, indicating low intra-day volatility. Additionally, Solana's performance against Bitcoin shows a 0.7% gain, with the pairing at 0.001371 BTC. This cross-market data provides further context to the current price environment, highlighting the cautious yet stable position of Solana in the market.