Solana Price Forms a Bullish Failed Auction at $131: Is a Recovery Imminent?
Solana (SOL) price has shown a significant shift in momentum after forming a bullish failed auction pattern at the high time frame support level of $131. The repeated failure to break below this support despite multiple attempts has strengthened the case for a possible upward rotation. As buy-side pressure increases and structural support remains stable, Solana price action now suggests a continuation of the uptrend may be developing.
According to market analysis, the failed auction at $131 indicates strong demand, with the price repeatedly rejected attempts at breakdowns and regaining support with strong buybacks. A bullish rotation towards $187 will be possible if Solana stays above the value range levels. This development follows broader enthusiasm for the ecosystem, with Scaramucci recently naming Solana as one of the biggest gainers in the tokenization sector, adding further confidence to market sentiment.
Key Technical Points of Solana Price
Solana confirms a failed auction at the $131 support level, indicating strong demand. The price repeatedly rejected attempts at breakdowns and regained support with strong buybacks. A bullish rotation towards $187 will be possible if Solana stays above the value range levels. The $131 level has acted as a structural anchor point in Solana’s broader trading range, with every time the price fell below the swing low, buyers intervened aggressively and prevented any move towards the next key support at $105.
SOLUSDT (1D) chart, source: TradingView
Solana’s recent price behavior shows a clear pattern of failed auctions forming around the $131 top support. A failed auction occurs when the market attempts to break through a significant support or resistance level but is unable to sustain the price beyond it. Instead, the price quickly recovers back to this level, signaling that the underlying order flow is not strong enough to drive continuation in the desired direction.
What You Can Expect from the Upcoming Price Development
If Solana stays above the $131 support level and regains control of the value range levels, a continuation of the uptrend towards the $187 resistance level becomes increasingly likely. A break below $131 would invalidate the failed auction and reopen the path towards $105, but current order flow favors the upside scenario. With the growing optimism in line with broader momentum in the Solana ecosystem, including Solana Mobile’s plan to launch the SKR token in January, which has helped reinforce positive sentiment, Solana appears to be transitioning from a reactive decline into a possible accumulation phase.
For more information on Solana’s price development and the failed auction theory, visit https://crypto.news/solana-price-forms-a-bullish-failed-auction-at-131-rally-ahead/
