- Solana might be on the verge of regaining a bullish structure on the 1-day chart
- Volume profile of 2025 highlighted the importance of the $145 supply zone
Solana [SOL] witnessed a hike in whale accumulation and network activity as the price recovered from its drop to $100 two weeks ago. The short-term sentiment highlighted some bearishness in the derivatives market, which could turn into a short squeeze.
The $120-region can be expected to act as a demand zone in case of a price drop. The volatility around Bitcoin [BTC] is something that could hurt SOL’s sentiment too. At press time, the bulls seemed to be challenging the $143-level in a bid to shift the market structure bullishly on the 1-day timeframe.
Signs of trouble around Solana’s supply zone
Source: SOL/USDT on TradingView
The $143-level is not far from the $150-psychological resistance. In 2024, the $120 and $160-levels were critical during SOL’s consolidation phase from April to September 2024. Therefore, even if the bulls force a bullish structure break with a move past $143, it won’t be smooth sailing higher.
The OBV was in a steady uptrend over the past six weeks, which was encouraging. It halted its progress over the past week though – A sign that bulls and bears have been fighting for control. The Fixed Range Volume Profile also highlighted why the bulls might struggle.
The Point of Control (red) was at $128.5, but the $124-$145.5 has been a high volume node in 2025. The Stochastic RSI was deep in overbought territory, another sign that there could be a short-term pullback.
Meanwhile, the MACD underlined that bullish momentum has been strong on the 1-day timeframe.
The liquidation map revealed that there were high leverage short liquidations from $140 to $144. This coincided with the overhead local resistance and meant that Solana is likely to sweep this liquidity pocket in the short term.
After challenging $143, it seemed unclear if SOL bulls can drive more gains, or if the price would be forced to pull back to $132-$136. These two have been important short-term support levels.
A retest of them would present a buying opportunity. Similarly, a breakout beyond $145 and a bullish Bitcoin would encourage SOL bulls of a move to $160 or even higher.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
