Solana ($SOL ) is trading at $150.17, and after a sharp fall from its peak of $295.83, it seems like the tide is trying to turn. At first glance, it’s easy to assume SOL is stuck in a slump, but the recent bounce and a 2.32% gain today suggest otherwise. The big question now is: are we looking at a trend reversal or just another fake-out?
Earlier in 2024, SOL was on fire—rising aggressively from around $20 in late 2023 all the way up near $300. That run-up was fueled by explosive volume and strong bullish sentiment, clearly shown by tall green candles and solid order books. But after reaching that $295.83 high, the correction kicked in hard. Over the past few months, prices cascaded downward, with lower highs and consistent red candles marking the downtrend.
However, now at $150, something different is brewing. The recent candles show higher lows and a leveling off of the steep decline. It looks like SOL may be trying to form a base around the $128–$150 zone. Buyers are starting to return, and the 30-day volume growth of +20.93% confirms that renewed interest. This is especially interesting when paired with the order book showing a healthy 55.51% bias toward buyers—a decent sign of accumulation at current levels.
Looking forward, SOL must break above the $188 resistance to escape the bearish shadow and regain bullish momentum. Until that happens, the $150–$180 zone will be a key battleground between bulls and bears. If momentum continues and breaks past that range with volume, we might see a push back toward $200 and eventually $250. On the flip side, if it slips below $128 again, a revisit to lower support levels becomes more likely.
For now, the trend is cautiously turning bullish in the short term, though still bearish from a medium-term perspective. SOL has begun to rise, but whether this is just a pause in the larger downtrend or the beginning of a new rally depends on what happens next around these resistance levels.
