Solana traded near $145, a crucial resistance that aligned with both a channel top and bearish neckline.
$21M worth of SOL was moved to exchanges, does that mean potential sell pressure ahead?
With a 14% gain over the past week, Solana [SOL] was testing a critical junction near $145—technically loaded and sentimentally split.
This level marked the upper boundary of a long-standing descending channel and the neckline of a bearish head-and-shoulders pattern.
Its dual significance created both excitement and anxiety among market participants, with the price hovering at a crucial tipping point.
$145 resistance: Just another déjà vu moment?
At press time, SOL traded at $144.3, up 2.35% on the day. However, this move wasn’t backed by strength.
CoinMarketCap showed that 24-hour trading volume dropped 15%, a sign that enthusiasm was lagging despite the price advance.
This drop in trading volume hints at weak upside momentum, and also suggests that traders and investors are potentially waiting for clear signals—either bullish or bearish.
However, these signs could appear only after a breakout or the formation of a bearish candlestick pattern.
History has a pattern, and SOL might be repeating it
According to AMBCrypto’s technical analysis, SOL displayed two bearish setups and was also on the verge of shifting this bearish trend to a bullish one.
On the daily chart, SOL appeared to be hovering within a descending channel pattern between its upper and lower boundaries. In addition, it has also broken below the neckline of a bearish head and shoulders pattern.
Source: TradingView
Zooming out, SOL’s price had repeatedly failed to close above the upper channel since May. Each rejection was followed by a drop.
Unless a strong daily close materialized above $148, another rejection remained likely.
However, if the ongoing rally continues and the price breaks out of the upper boundary, it could end its prolonged bearish trend and may see an upside momentum of over 20%, potentially reaching the $184 level.
On the daily timeframe, SOL still sat below the 50-day Exponential Moving Average—a sign that bulls hadn’t reclaimed dominance yet.
The Relative Strength Index (RSI) hovered at 46, suggesting mild momentum but nothing strong enough to break out convincingly.
Expert predicts bullish reversal toward $150–$160
Given the current market sentiment, one popular trader on X claimed that a bullish “W” formation was forming.
The expert noted,
“SOL is showing signs of recovery after hitting the major low at $125.99. A potential W-shaped pattern is forming again, hinting at a bullish reversal toward the $150–160 zone.”
$20 million SOL move into exchanges, sell-off incoming?
However, investors and long-term holders appear to be opposing this bullish outlook, as they are seen dumping SOL on exchanges.
Data from CoinGlass revealed a massive $21.07 million inflow of SOL into centralized exchanges over the last 24 hours.
Source: CoinGlass
This substantial inflow into exchanges indicates potential dumping, which could create selling pressure and cause the asset to continue its downward momentum.