$SOL Solana ($SOL ): Something wrong?
Once again, Solana is attracting attention not for its rise but rather for its disappointing failure to overcome a resistance level that should be a relatively simple obstacle with significant momentum. SOL is currently trading around $147 and is struggling to break above the 100 EMA, which is close to $151.
Despite numerous bullish attempts, this resistance has now turned into a psychological barrier that repeatedly rejects the asset. The trend is becoming too reliable to ignore. The overall picture does not help. The lack of volume behind the movement and the inability to break the 100 EMA indicate hidden weakness, despite SOL's remarkable recovery from the March lows. As traders are uncertain about the asset's continuation, they may take profits or, worse, decide not to follow it at these levels.
Again, there are no signs of breakout momentum, but the RSI (Relative Strength Index) is at 59, indicating a neutral-bullish bias. This supports the idea of local pressure at the upper boundary or at least a suspension of buying power. The 200 EMA is above the market at $161, which is another key level that has historically triggered strong reactions, complicating the situation further.
The move towards the 200 EMA currently seems overly optimistic if SOL cannot even break the 100 EMA. Additionally, the chart indicates a fading bullish flag or wedge, which, if SOL falls below $142 again, could invalidate the upward trend. A retreat to the support level of $133 is expected, and possibly even lower if this breakout occurs.
