Solana continues to maintain a sideways trend in the trading session on 12/30, reflecting a subdued market sentiment throughout the past week.
At the time of reporting, SOL is trading around the $125 level. Notably, liquidity in the last 24 hours has seen a significant increase, indicating that capital is starting to flow back, fueling hopes for more notable volatility in the near future.
Rising from support levels to stabilize SOL’s price
The daily chart of Solana shows a clear recovery after the price successfully tested a key support zone around $119. Notably, this area has previously served as an important reversal point multiple times, as the price has consistently respected the $119 mark over the last four trading sessions.
Daily SOL/USDT chart | Source: TradingView
From a technical structure perspective, maintaining stability above this support level could open up considerable upside potential, with the next target around $145 — representing a potential increase of approximately 13.8%.
In terms of indicators, the Average Directional Index (ADX) is at 25.62, approaching the critical 25 threshold, indicating that the current trend is gradually strengthening and a clear upward momentum may be forming. However, the Chaikin Money Flow (CMF) remains in negative territory at -0.13, reflecting selling pressure still dominates and buying volume has not yet gained strength at current price levels.
Although technical signals are somewhat mixed, cryptocurrency analysts on the X platform remain quite optimistic. Some experts forecast SOL could break out to $144, while more positive views expect the price to approach $147. There are even opinions suggesting Solana could surpass the $150 mark in the coming days if the recovery momentum continues.
Excessive leverage among traders
In a market still holding bullish prospects, day traders continue to show a cautious, somewhat pessimistic stance.
According to the latest data, at the time of writing, the $122.2 support level is considered strong, while the $130.4 resistance is notable. At these two levels, traders have established significant leveraged positions, with $114.12 million in long positions and $149.74 million in short positions.
Source: CoinGlass
This data clearly reflects market sentiment: short-term traders are betting on a downward trend, doubting that SOL can break above the $130.4 level in the near future.
SN_Nour
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