Solana Price Volatile, Key Levels at $144 and $137

Solana (SOL) has experienced notable price fluctuations over the past 12 hours, with the cryptocurrency reaching a high of $144.99 and a low of $130.36. These movements have established critical support and resistance levels that will be essential in determining SOL’s short-term price direction.

On the 15-minute chart, SOL is encountering strong resistance at $144, a level where selling pressure has repeatedly capped upward movement. A decisive break above $144, accompanied by increased trading volume, could propel SOL toward the $150-$155 range, an area that previously acted as a price rejection zone. However, if buyers fail to maintain momentum, SOL could experience sideways trading or a pullback.

On the support side, $137 serves as an immediate cushion, preventing further declines. If this level is breached, SOL could retest $130, a key psychological support zone. A drop below $130 would signal growing bearish pressure, potentially driving the price lower toward $125, a level last seen during previous market corrections.

The Relative Strength Index (RSI) is hovering near 50, indicating market indecision with no strong overbought or oversold conditions. The 50 and 100 Exponential Moving Averages (EMAs) remain flat, signaling consolidation before a potential breakout. Trading volume is moderate, suggesting that neither bulls nor bears have taken full control of the market.

If SOL manages to break past the $144 resistance level, it could surge toward the $150-$155 range. However, if resistance holds, the price may consolidate between $137 and $144. A drop below $137 could lead to a retest of the $130 support level, with further downside toward $125 if selling pressure intensifies.

Traders should closely monitor volume trends and breakout confirmations to anticipate the next decisive move in SOL’s price action. The current market sentiment and technical indicators suggest a period of consolidation, with potential for significant price movements depending on how key support and resistance levels are tested.

Solana’s price action is being influenced by investor behavior at key price levels, as indicated by on-chain data. Large clusters of traders are shaping the price movements, with strategic accumulation by investors despite broader market fear. This accumulation is fueling bullish momentum, as periods of uncertainty tend to attract smart money. The network activity has reached an all-time high, demonstrating the growing interest and usage of the Solana network.

Analysts have predicted a potential Solana price rise of as much as 150%, targeting $420 in the next few months. This uptrend is driven by increasing network usage and a preference for Layer 1 (L1) solutions compared to Layer 2 (L2) solutions. Solana co-founder Anatoly Yakovenko has stated that L1 blockchains like Solana are faster, less expensive, and more secure by not relying on slower data availability layers. This view is supported by the growing number of projects and developers moving towards Solana, strengthening its market dominance.

The market cap of Solana indicates a potential big move, with a rise reflecting intense buying interest. The Relative Strength Index (RSI) is indicating that SOL is oversold and could be a good time to buy. The RSI-based moving average suggests stabilizing momentum that needs confirmation to indicate an uptrend. With increasing trading volume and network activity, SOL is poised for further gains, potentially reaching the anticipated $420 level if accumulation continues to accelerate.

Historical price trends also indicate that Solana may be preparing for a significant breakthrough, targeting a price of $464. The overall decentralized application (DApp) revenue on the network has hit a recent high, ahead of others. This surge in network usage has established Solana as a top player in the blockchain space. Analysts are bullish about the future outlook, with institutional demand rising. If current crypto market trends continue, SOL could reach $400 by the end of the year, with further increases expected shortly.