Recent data on Solana's price movement shows signs of a potential dip after a recent rally. Analyzing technical indicators and trading volumes suggests a possible correction.
Current Solana Price and Technical Analysis
In the last 24 hours, Solana's price has fluctuated slightly above $150, with technical indicators pointing towards a short-term correction. Bulls face a critical support level near $144-$146, with analysts warning of potential difficulties for continued growth. Analyst Ali Martinez pointed out that Solana's price action shows signs of weakening near the $152–$153 zone. The TD Sequential indicator has signaled a level commonly considered a local top.
Elliott Wave Structure and Support
Wave pattern analysis conducted by Man Of Bitcoin revealed that Solana's price formed five clear waves from its June lows. The analysis confirmed the beginning of a new bullish structure. However, the analyst indicated $144.79 as micro support that will be tested in the next wave of continuation. If bulls fail to hold the SOL price around $146, it may drop to $142 or $138 again.
Derivatives Data and Trading Volume
According to CoinGlass data, there is a bullish sentiment in Solana markets, although signs of cooling are emerging. Open interest surged by 6.83% to $7.07 billion, while options open interest jumped 21.63% to $3.18 million. However, options volume fell by 59.41%, indicating a decrease in traders' conviction. The total trading volume dropped 30% over 24 hours, signaling reduced market activity.
Despite the recent dip, Solana's price has rallied over 17% in the last week, indicating strong upward momentum. However, support levels and future price movements remain in question, and traders should watch for changes in dynamics.
