Solana’s price action has entered a critical phase, with the cryptocurrency breaking down from the key resistance level at $146. This breakdown indicates weakening momentum, and as a bearish imbalance builds, the price is now at risk of a deeper decline towards the $112 support level.
Technical Analysis of Solana’s Price
The loss of the $146 resistance level has left the market vulnerable, with multiple daily candle closes below this level confirming a breakdown and bearish momentum. The next major support level is at $112, with no strong levels in between, making a decline to this level a likely outcome. Reclaiming the $146 level is necessary to mitigate further downward pressure and potentially reverse the bearish trend.
Key Technical Points
Several key technical points are worth noting. Firstly, the $146 level has failed to hold and has turned into resistance after multiple daily rejections. Secondly, the next key support level on the upper time frame is at $112, which represents a wide correction range. Finally, the momentum and structure of the market favor a continuation of the downtrend unless the price hits $146 again.
SOLUSDT (1D) chart, source: TradingView
Solana’s inability to maintain a position above $146 suggests a broader shift in market sentiment. This zone represented a crucial technical boundary between uptrend continuation and macro compression. The loss now brings $112 into focus as the next logical liquidity target due to the lack of intermediate support structures between the two levels.
Market Expectations and Trends
The current market environment shows Solana accepting values within a lower range, a common precursor to an expansion towards the opposite boundary of this range. This acceptance is confirmed by daily closes below resistance and the lack of a large-scale upside reaction, suggesting buyers are unwilling or unable to defend the failed level. From a trend perspective, the rejection at $146 also represents another lower high within the existing bearish continuation structure.
Unless Solana recovers the $146 mark, a continuation of the downtrend to $112 remains the most likely outcome. A rebound may occur once this level is reached, but failure to hold $112 would expose a far larger correction line and extend the current bearish cycle. For the latest updates and analysis on Solana’s price, visit https://crypto.news/solana-price-stalls-under-resistance-bearish-imbalance-favors-112-sweep/
