Solana Price Holds Key $143 Support After Multi-Week Decline
Solana price is holding a key multi-month support zone around $143 after weeks of decline, with neutral momentum and analysts waiting for either a rebound or a break towards lower support levels.
Solana’s price has been trading above a crucial support level at $143, following several weeks of declines. According to market data and technical analysis from cryptocurrency analyst DaanCrypto, the cryptocurrency rebounded from a multi-month support band that has served as a demand zone over the past two years, where buyers have historically defended the price.
Technical Analysis and Market Outlook
Technical indicators show Solana (SOL) trading below both short-term and long-term moving averages, while momentum indicators show neutral readings rather than active selling pressure, according to the analyst. DaanCrypto stated that Solana’s price decline could be nearing an exhaustion point, noting that the cryptocurrency is now trading at a key wedding support base.
The analyst identified a nearby resistance level as the first target for a recovery, with the next significant area corresponding to a pocket of liquidity in the volume profile consistent with previous consolidation levels from earlier this year. According to market observers, the activity of Solana-based meme tokens has contributed to renewed interest in the ecosystem.
Key Support Levels and Price Projections
Technical analysts say holding $143 paves the way to higher resistance zones, while a breakout could push the price towards lower support levels despite growing meme coin activity on Solana. The cryptocurrency remains positioned at what technical analysts are calling one of its most significant price levels of the year.
According to DaanCrypto, the coming weeks will determine whether the current position develops into sustainable momentum. The analyst noted that the price has shown initial signs of stabilization, adding that the key local area at ~$145, the highest volume node from the price action over the past two years, will be crucial in determining the next price movement.
For more information on Solana’s price and market analysis, visit https://crypto.news/solana-price-holds-key-143-support-after-multi-week-decline/
