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Solana has been struggling since the end of January, knowing a sharp drop alongside the wider cryptography market. Sol has lost more than 60% of its value, the bulls now fighting to keep current price levels. Analysts remain skeptical, calling for a continuation of the downward trend while Solana is struggling to recover higher levels.
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Despite the negative feeling, some investors remain optimistic about a rapid and strong recovery in the coming months. They argue that market conditions could change quickly, especially if wider economic factors and liquidity conditions are improving.
Glassnode chain data reveals that Solana is faced with a major test, because $ 135 is the most important level of resistance according to the UTXO indicator of prices (URPD). This metric identifies the key price levels where large quantities of soil have already changed hands, making $ 135 a critical level for price action.
If soil can break and hold Above $ 135, it could point out a trend reversal and open the door to potential recovery. However, non-compliance with this level could lead to a new decline, strengthening the lowering prospects. The coming weeks will be crucial to determine the next major movement of Solana.
Solana struggles below the resistance of the keys while the bears take control
Solana exchanged under high sales pressure, fighting to recover key levels after weeks of market uncertainty. The bulls have lost control once Sol fell below the $ 180 mark, and now speculation on a prolonged lower market increases. The price remains blocked below the key resistance, which makes recovery difficult.
Top Analyst Ali Martinez shared ideas on XRevealing that Solana faces a major test at $ 135, which was identified as the most important resistance based on the UTXO indicator produced (URPD).
The URPD indicator is a metric on a chain which follows the price levels to which the parts were moved for the last time. It highlights significant areas of accumulation, showing where investors have already purchased and sold. When many tokens have changed hands at a specific price, this level becomes a support area or critical resistance.
In the case of Solana, $ 135 represents a level where a large amount of soil has been treated for the last time. This means that if the bulls recover $ 135, it could act as strong support and report a trend reversal. However, if soil fails to break, the Bears could strengthen the sales pressure, leading to a new drop.
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Solana faces a key support test at $ 126
Solana (soil) is traded at $ 126 after having undergone massive sales pressure in recent weeks. The price was in a high downward trend, not recovering key levels while uncertainty and volatility on a market scale continue to stimulate feeling.
Currently, Sol is sitting at a level of crucial weekly demand, which the bulls must defend if they want to launch a recovery or at least establish a consolidation phase around current prices. The holding of this support could provide the basics of a rescue rally, but the market remains fragile.
If Sol loses the level of $ 120, the sales pressure could intensify, potentially sending the price to the $ 100 or even lower bar. A break below this demand area would indicate lower weakness and could trigger the sale of panic, resulting in deeper losses on the Altcoin market.
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For any significant recovery, the bulls must push soil above $ 135 and recover $ 150 to change the momentum in their favor. Until then, the downward risks remain high and traders will closely monitor how Solana reacts to this level of critical support in the coming days.
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