According to Cointelegraph, SOL experienced a brief 5% rally to $160 following the announcement of its first exchange-traded fund (ETF) going live. However, this momentum was short-lived as the altcoin's gains were erased in 24 hours, highlighting ongoing technical weaknesses across time frames. Currently, SOL is trading near a critical supply cluster between $144.5 and $147.7. A breakdown below $144 could potentially lead to a decline towards $124 or even the $95–$100 range, where support is notably weaker.In recent weeks, SOL struggl to maintain its position above the 50-day and 200-day exponential moving averages (EMAs), despite several bullish formations The $148 level is under pressure, and a drop below $137 would confirm a lower low, diminishing the prospects for a near-term bullish trend. For SOL to regain upward momentum, it must successfully retest the $145–$137 demand zone and recover above $160. On a broader scale, the trend remains bearish, with SOL failing to breach the key resistance at $180 in May and trending downward within a descending channel since then.

The altcoin's performance has been closely tied to Bitcoin's fluctuations, with SOL declining nearly 50% since January 19, despite Bitcoin hovering near all-time highs. If the bearish trend continues, a retest of the daily order block between $120 and $95 is possible, offering a more attractive long-term entry point. Conversely, a strong daily close above $160 could shift sentiment and trigger a bullish reversal, carrying momentum into higher time frames.

SOL's current trading price around $148 is supported by its UTXO realized price distribution (URPD), which tracks the price levels at which tokens were acquired. This metric indicates a strong holder concentration within the $144.5 to $147.7 range, suggesting that maintaining above $144 is crucial. A breach below this level could signal potential weakness and increase the likelihood of testing lower support zones. Resistance is noted at $157, where 5.55% of the supply is concentrated, posing a challenge for upward #sol $WCT #Write2Earn