Solana (SOL) is currently acting at a critical support level of 147. Analyzing current market conditions reveals potential risks and opportunities for market participants.
Test of Support Level 147
Solana increased by 2.7% to $151.06 after bulls defended the key level of 147. Analysts note that 146.9983 is an important threshold that needs to hold to maintain bullish sentiment.
Decreasing Liquidity and Volatility
Trade volume decreased by 23% to $2.44 billion, indicating a weakening market momentum. Thin liquidity raises the risk of volatility due to reduced position accumulation capacity.
Outlook for Bulls
If bulls hold above the 147–148 range, it could pave the way to the 155–160 prices. However, falling below 146.99 might lead to a decline towards the critical 142 level. Market participants should set stop-losses near 146.50 to limit losses.
Solana is currently in a situation where maintaining the 147 level is crucial for the bullish market. The market is observing developments to determine future movements.
