The price of Solana (SOL) is currently navigating a significant technical phase, marked by long-term bullish patterns that are juxtaposed with short-term bearish pressures. Analysts have noted that while the longer-term outlook remains optimistic, immediate price movements suggest potential downside risks.
As per the analysis, the Solana price is confined within a multi-year ascending triangle, indicative of prolonged price compression prior to a potential breakout or breakdown. This pattern has been observed over several years, signaling a period of consolidation that often precedes a substantial price movement.
In terms of long-term targets, the structure of a monthly bull flag has emerged, supporting the notion of upside potential if the price can break through key resistance levels decisively. The recent trajectory has seen Solana prices oscillate, with analysts projecting possible targets that could reach into the $400–$500 range if bullish momentum is maintained.
However, short-term analysis reveals a different picture. Recent selling pressure has prompted concerns about the price retracing toward a support zone between $120 and $133. A notable analyst, CryptoTony, highlighted that the Solana price is currently trading in the mid-$130s, following a peak near $146. This consolidation phase is characterized by a curved resistance arc, with numerous rejections around the $140 mark, suggesting that sellers are actively influencing the market.
Volume trends during this period have indicated a distribution phase, rather than accumulation, reinforcing the idea that immediate downward pressure is present. A failed attempt at forming a double-bottom pattern near $132 adds to the cautionary outlook, with risks extending towards $125 or $120 if the support fails to hold.
Despite these short-term challenges, analysts remain optimistic about the longer-term structure of Solana. They view the current weakness as tactical, suggesting that a well-placed re-entry could be considered if momentum stabilizes and broader market conditions improve.
Overall, the contrasting dynamics between long-term bullish formations and short-term selling pressure create a complex landscape for Solana investors, necessitating careful monitoring of price levels and market trends moving forward.
