Solana (SOL) Price Prediction: Trapped in Consolidation with $145 as the Key Decisive Level

Solana is currently holding steady around the $140 level, largely consolidating on the lower timeframes. As expected in our previous analysis, the price saw a clear rejection at the $145 mark during its recent retest, and it now appears to be challenging that level once more. Despite this immediate action, SOL has genuinely struggled to generate any significant momentum over the past few weeks, remaining heavily influenced by the broader market's downward trend. While a temporary relief rally is certainly possible, the entire short-term outlook hinges on the price reaction at that key $145 resistance. With this crucial level in mind, let's dive into the latest Solana charts and pinpoint exactly where the price could be headed in the coming days.

Our Solana Price Prediction Summary

• The immediate focus is on the $145 resistance as a rejection here confirms the downside path.
• A break below $120 support will open the door for a move toward $100.
• The macro trend and current momentum bias remain firmly bearish despite potential double-bottom.

Analyzing the Charts

Consolidation Continues

A closer look at the 4-hour chart confirms that Solana has been locked in a clear consolidation range for the past couple of weeks. This trading action is defined by two key levels, which are firm support at $120 and strong resistance at $145. This tight range demonstrates the altcoin's current lack of conviction and is a direct consequence of the generally bearish and slow market environment. We are now seeing the price actively retesting that $145 ceiling once again. While a clean break above it doesn't look imminent right now, a successful flip would turn sentiment positive for Solana in the immediate short term. Conversely, a rejection at this resistance level would send the price back down to test the $120 support. More importantly, after holding this range for a while, a decisive breakdown below $120 this time could open the door to significantly lower levels.

Macro Downtrend Continues

Now, switching to the 1-day timeframe, the broader outlook for Solana becomes starkly clear. Since topping out in September, the price has been locked into a strong downtrend, consistently printing a series of lower highs. The ongoing repeat test of the $145 level shows that the bulls are fighting desperately to maintain the $120 support. However, given the persistent lack of momentum we've discussed, we still expect price to reject that $145 resistance once again. Such a rejection could easily open up a move toward the major psychological support at $100 in the coming days. This is precisely why our overall Solana price prediction remains slightly bearish.

The Bullish Scenario

However, we must also consider the bullish scenario developing on the chart. The price has already bounced twice off the $120 level, strongly suggesting the formation of a double-bottom pattern. This setup is a classic bullish indicator, signaling that the price has found strong support and that bulls are adamant about pushing past overhead resistance. Right now, we are seeing the critical retest of the $145 level. A clean break and close above this resistance would provide the necessary confirmation for the double-bottom, signaling that the short-term relief rally for Solana is underway. In that scenario, the immediate next target to watch would be the $175 mark. Despite this pattern, the broader market trend remains largely bearish, making it unlikely that this double-bottom will fully play out.

Final Takeaway: What is Next for Solana?

To sum things up, Solana is currently caught between the short-term support at $120 and the persistent macro downtrend. The crucial level to watch here is the $145 resistance. A clean rejection here, which we currently anticipate due to the lack of strong momentum, will likely send the price back to retest the $120 support. A decisive break below $120 would then open the door to significantly lower levels, possibly targeting $100.

While the potential for a bullish double-bottom exists, the daily charts and broader market indicators still favor the downside. Traders should proceed with caution and only consider the bullish case confirmed on a sustained close above $145.