solana Faces Critical Resistance at $149
Solana (SOL) has recently bounced back,but it’s now facing a crucial resistance level at $149. This price point is significant because it’s were most trading activity has occurred since the start of 2024. It’s also where the VWAP and 0.618 Fibonacci retracement converge, making it a strong barrier.
The price bounced from below $100, but the rally lacks volume. Without strong follow-through, this coudl signal a deeper retracement. If bulls can’t reclaim $149, the price may fall back too $113 or even $100.
- Key resistance at $149, the most traded price in 2024.
- Overlap with VWAP and 0.618 Fibonacci retracement.
- Weak volume suggests potential for a deeper retracement.
Lower time frames show signs of rejection. Without a sudden influx of volume, this looks like a reactive bounce rather than a true reversal. If the price drops below $149, it could test $113 and $100. A sustained reclaim of $149 would open the path to $209.
Traders should remain cautious. The trend is neutral-to-bearish in the short term. A clean reclaim of $149 would flip this range midpoint into support and signal a potential uptrend.
For more insights,check the solana USDT Daily Chart.
