#MarketPullback Solana (SOL) is experiencing a market pullback, currently trading around $146.89. This decline follows a recent peak of approximately $155, where the price encountered significant resistance. Technical indicators, such as the Moving Average Convergence Divergence (MACD), suggest a bearish divergence, indicating potential challenges for further upward momentum .
Despite the pullback, some analysts remain optimistic. The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) indicators point to continued bullish momentum, with short-term targets around $171.43. If market conditions improve, SOL could potentially break above $200 .
Institutional interest in Solana remains strong. For instance, DeFi Development Corporation recently purchased approximately 65,305 SOL, worth around $9.8 million, indicating confidence in the asset's long-term prospects .
However, caution is advised. If buying volume diminishes, SOL's price could decline below $120. Investors should monitor support levels around $140 and resistance near $155 to assess potential price movements .
