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Solana Price Action: Will It Break $147 Resistance or Fall to $140?
- Solana is currently consolidating between $141 support and $147 resistance, signaling market indecision.
- Bearish momentum persists, but the market structure remains stable with healthy volume ratios.
- Low volatility and mixed indicators suggest waiting for breakout confirmation before trading.
- Solana is trading at $145, situated below the critical level of $146, indicating a stabilization between bearish and bullish forces.
- The overall sentiment is bearish with a decline in Solana's momentum by 9.54%, but the market structure remains relatively stable with healthy volume ratios.
- Technical indicators such as the decreasing width of the Bollinger Band and DMI values suggest possible increased volatility and a weak trend.
- The $141 support level for Solana is considered solid and may prevent additional declines.
- In the short term, Solana's outlook appears uncertain with mixed indicators showing possible bearish momentum and potential reversal.
- Traders should monitor the price action near the $146 pivot point for breakout confirmation.
- Traders can consider long positions near $141 support with targets at $147, 151, and 157, or short positions if SOL breaks below $140 with targets at $136 and $123.
- It is advised to keep position sizes small, apply risk management, and wait for explicit breakout confirmation before making aggressive trades due to Solana's unpredictable price behavior.
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