Since April, Solana’s price has been on a noticeable downward trend, retreating from highs above $200. The asset is now navigating through a difficult period as it moves down, with indications suggesting that this negative trend may be diminishing.
One important sign that the selling activity is waning is the declining trade volume. This drop in volume frequently signals a lack of confidence in the continuance of the present trend and might portend a reversal. This is further supported by Solana’s price behaviour in recent weeks, which suggests that market sentiment may be shifting as the asset fails to sustain its downward pace.
The $130 level is where Solana is testing strong support, and this might be crucial in the following days and weeks. The asset has reached a new low at this level, and maintaining a level above it may be the first indication of a possible reversal and the development of a higher low, which would be optimistic for investors hoping for a turnaround.
But there are still difficulties. In addition to the obvious trend line resistance on the chart, the 26-day EMA is functioning as a potent resistance. For there to be a credible bullish reversal, these technical obstacles must be removed. After $130, the 100-day EMA and around $140 represent the next immediate support and critical level that, if the current support holds, might raise Solana’s price.
In the long run, Solana’s success will depend on its capacity to maintain above these support levels and overcome significant obstacles. A profitable break of both the trend line and the 26-day EMA would spark new interest in Solana and possibly usher in a period of recovery.
