SOL Clings to $140 Support While Bullish Reversal Pattern Emerges

Solana’s SOL token is stabilizing around $140.46, nursing a 1.41% daily decline after recovering from a sharp dip earlier in the session. Prices briefly fell as low as $135.96 following a 4.9% slide from the recent high of $142.91, according to technical analysis from CoinDesk Research.

The asset has since settled into a narrow trading range between $140 and $142, finding notable support near $140.40. Analysts are watching this consolidation closely, with some suggesting that a breakout could be on the horizon if SOL can pierce through immediate resistance levels.

Despite the recent turbulence, Solana’s fundamentals remain robust. The network has seen continued growth, highlighted by its recent support for wrapped Bitcoin (WBTC). While this development has sparked optimism, market observers remain divided on SOL’s short-term trajectory. Some forecast a push toward the $200 mark, while others warn of a potential retest of lower support levels around $123–$135.

Technical Analysis Recap

SOL traded in a $7.08 range during the past 24 hours, dropping from $142.91 to $135.96 before bouncing back.
Price action has formed a tight band between $140 and $142, with strong support near $140.40.
A quick rally between 14:32 and 14:37 sent SOL from $140.48 to $141.40, though momentum faded soon after.
Increased selling pressure emerged during the 15:10 candle, pulling the price down to $140.29 amid higher volume.
A descending channel pattern has taken shape, characterized by lower highs and lows.
Resistance at $142.65 has thwarted several breakout attempts, underscoring continued selling pressure overhead.

For now, traders are monitoring whether SOL can sustain support at $140 or break through the $142.65 barrier, which could pave the way for renewed bullish momentum.