Solana's recent rally stalled at critical resistance,monero mining app triggering a technical pullback that's testing key support zones.
■ SOL's rejection at $155 marks third failed attempt to break this psychological barrier
■ Current trading range between $132-$145 represents crucial inflection point
■ Hourly chart shows breakdown of ascending channel pattern established since June
■ Market sentiment indicators suggest potential for either consolidation or further downside
Technical Breakdown Signals Caution
The failed breakout attempt created a cascade of sell orders that accelerated below multiple support levels. The breakdown through $150 was particularly significant as it represented both psychological support and the lower boundary of the recent trading channel.
This corrective move has brought SOL back to a confluence of support factors near $132, where we're seeing:
• Historical price reaction zone from May-June consolidation
• 0.618 Fibonacci retracement of the June rally
• Increased spot market buying activity per exchange order books
The current recovery attempt faces immediate resistance at $138, coinciding with:
• Previous swing low from June 28
• 38.2% retracement of the recent decline
• Declining 20-hour moving average
Critical Levels to Watch
Traders should monitor these key developments:
Bullish Scenario:
• Sustained hold above $132 support
• Breakthrough $143.50 resistance with volume
• Reclaim of 100-hour moving average near $145
Bearish Scenario:
• Failure to hold $132 support
• Breakdown of $125 weekly low
• Continued lower highs on intraday charts
Market Structure Analysis:
• Current price action resembles June's consolidation pattern
• Declining trading volumes suggest weakening momentum
• Funding rates remain neutral despite price drop
Technical Indicators
Hourly MACD – Bearish momentum persists but shows signs of slowing
Hourly RSI – Oversold bounce from 30 level suggests short-term relief
Volume Profile – Notable absorption near $132 support level
Key Support Zones – $132 (immediate), $125 (critical)
Key Resistance Zones – $138 (initial), $143.50 (breakout)
