The price of Solana (SOL) is experiencing mixed signals as it approaches key resistance levels. As of the latest data, SOL is trading at $136.97, reflecting a slight decline of 0.38% since yesterday. However, over the past week, the cryptocurrency has seen an increase of 4.96%, indicating some bullish momentum.
On the hourly chart, SOL is nearing a local resistance point at $137. If the price manages to break through this level, it may gain enough momentum to push towards $138. Nevertheless, looking at the broader market context, the outlook appears less optimistic. The trading volume remains low, suggesting that neither buyers nor sellers have sufficient strength to drive significant price changes.
In the short term, a sideways trading range between $135 and $140 seems more probable. This indecisive behavior reflects the ongoing battle between bulls and bears. Currently, bears retain a slight advantage, especially since the price has not moved far from the support level of $123.49. Should a breakdown occur, it could lead to further declines towards the $120 region.
As the market stands on the last day of the week, the uncertainty surrounding SOL”s price action highlights the need for cautious observation. Investors should watch for potential breakout or breakdown scenarios that could define the next movement.
