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SOL trades under the $145 resistance level. Higher volume is accompanying a pullback, and a short-term consolidation around $140.
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Santiment’s data shows that network growth is still in decline, with new wallets for each week far below levels of Nov 2024.
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Charts show potential upside towards $165-$200 but support near $131 is key to structure.
Solana (SOL), at the time this article was written, traded at $140.28, down 1.33% in the previous 24 hour period, as the token remained under a key resistance range between $142 and $145. Daily data showed SOL starting near $142, moving over $143, then retreating to the $138.50 – $139.90 range before stabilizing.
Market data showed that Solana’s capitalization was near $79.3 Billion. The 24-hour trading volume was $5.6 Billion, an increase of about 11.1%. The total supply of 618.2 millions tokens was listed as 565.2 million SOL.
On-Chain Growth Tracks Resistant at $145
Santiment, an analytics firm, reported that Solana traded as high at $144 recently while “looking to surpass” resistance at $145. The firm stated that the outcome of the test could depend on whether or not network growth starts to increase again. According to Santiment’s latest reading, the number of new wallets added on Solana each week in November 2024 was 30.2 million, compared to 7.3 million at the last reading.
Santiment’s chart commentaries indicated that price breakouts earlier coincided with increased new addresses and wider on-chain activity. Periods of weaker network growth aligned themselves with softer prices and extended corrections. The current network expansion trend is labeled as “still falling” in the visualization. This frames the latest rebound amid a steep drop in new wallet creation.
Analysts map upside targets between $165 and $20
Crypto analyst NekoZ pointed out a possible trend reversal after a prolonged downward trend on the daily chart. The chart showed SOL breaking over a trend line that had been limiting rallies since November. After forming a round base near the $120 region and stabilizing until early January, it broke above this trend line.
Fibonacci levels on the chart indicate that the current consolidation is near the 0.786 area around $142-$145. If momentum holds, projected upward paths point toward the 0.618 area around $165, and the 0.382 area near $200.
Crypto King, another analyst, said that a broken line trend had “confirmed the support”, describing bulls in control and positioning SOL to move towards $170. He called for further confirmation. NekoZ said that the daily chart showed a “rounding top” and “massive break out” and suggested a target zone above $190.
Short-Term View: $131 Support and Resistance $150
Crypto Tony shared a chart of a lower timeframe that showed SOL moving from the mid-$120 area into the $137-$140 range. A series of higher lows indicated an improving short-term structure. The analysis identified near term support just above $130, and a wider resistance band in higher $140s up to $150.
Crypto Tony described a “ideal scenario”, in which a retest at $131 would be followed by a move up to the higher resistance zone of $150 if the price rejects $143.
Related:Solana Price Prediction: Sellers Maintain Control As Major Support Breaks
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