Solana (SOL) has established short-term support near the $152 level, but its upward momentum faces significant hurdles due to persistently weak trading volume and cautious market sentiment.
Technical indicators point to underlying weakness. The Money Flow Index (MFI) and On-Balance Volume (OBV) continue to signal persistent selling pressure and a lack of strong buyer conviction, undermining confidence in a sustained recovery.
Recent market activity underscores investor hesitation. A substantial inflow of 2.8 million SOL tokens to the Binance exchange triggered a sharp 7% price decline, highlighting ongoing potential selling pressure.
While short-term momentum has shown slight improvement, the overall market structure remains bearish. Analysts note that a decisive break above the $162 resistance level is necessary to signal a potential trend reversal.
Sentiment shows nuanced shifts, with funding rates moving from negative to positive territory. However, this change alone does not confirm sustained bullish momentum, leaving SOL’s near-term trajectory uncertain amidst prevailing caution.