Solana Faces Pressure as Momentum Weakens
Key Takeaways
Solana (SOL) is facing a critical phase. The cryptocurrency is struggling with weakening momentum, declining trading activity, and a key resistance level at 135 USD. The market is showing signs of a potential capitulation as many investors are experiencing losses. Without a clear upward trend, SOL could remain under pressure.
Weakening Demand Weighs on Solana
Solana’s trading activity has reached a five-month low. The so-called velocity indicator, which measures how often a token changes hands, has dropped significantly. This suggests that interest in SOL is waning and fewer market participants are actively trading.
Since the end of February, both Solana’s price and trading velocity have been trending downward. The current market situation is similar to October 2024, when SOL also struggled with low demand. Without fresh capital or new momentum, this trend could continue.
Capitulation Looms: Investors Facing Losses
Solana’s MVRV (Market Value to Realized Value) indicator has fallen below zero. This means that many investors who entered the market in the past two weeks are now experiencing losses. A negative MVRV value increases the risk of capitulation – meaning stronger selling pressure as investors try to limit their losses.
Historically, such situations often lead to further price declines when short-term investors exit. If market sentiment does not improve, SOL could lose further value.
Technical Analysis: Resistance at 135 USD
Currently, Solana is trading at around 130.40 USD. Despite a daily gain of 1.5%, the overall trend remains weak. The Relative Strength Index (RSI) is at 43.89, signaling continued selling pressure.
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The On-Balance Volume (OBV) indicator, which measures buying and selling volume, does not show clear signs of strong accumulation or distribution. Solana is moving within a narrow trading range and has so far failed to break the 135 USD resistance level.
If SOL fails to break this resistance, the price could fall back to the 120 to 125 USD range. A sustained rise above 135 USD, however, could pave the way toward 150 USD.
Our Assessment
Solana is in a critical phase. Weak demand and a negative MVRV value increase the risk of further price declines. Without a clear catalyst, SOL could remain under pressure. Investors should closely monitor the 135 USD resistance level. A sustained breakout above this level could trigger a recovery, while a drop below 125 USD could lead to further losses.
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