📊 Price Action and Resistance on Watch

Solana ( $SOL ) is currently trading around $192, posting a modest 0.75% gain over the past 24 hours. However, despite the uptick, trading volume has dipped by 22% to roughly $5.1 billion, hinting that retail enthusiasm may be cooling even as whales continue to accumulate.

The key battleground lies at the $196 resistance level a price ceiling that has rejected $SOL multiple times in recent weeks. On the charts, Solana has already broken above a descending trendline, a typically bullish technical signal. Yet, this same zone has historically triggered sharp sell-offs whenever price action reached it.

If history repeats, $SOL could retrace toward $180 once again. But if bulls break and close above $196, it could unleash a 10% rally toward $218 in short order.

📈 Indicators and Market Sentiment

Technical readings remain mixed. The Average Directional Index (ADX) sits around 31, suggesting strong underlying momentum behind the current move. However, the Supertrend indicator still hovers above the price and flashes bearish red, implying that the broader trend hasn’t fully flipped bullish yet.

Derivatives data tells a more cautious story. According to CoinGlass, traders are heavily tilted toward short positions, anticipating another rejection at resistance. Major liquidation zones sit near $189.80 (below) and $195.80 (above), with roughly $65 million in longs vs. $84 million in shorts. Should the price push higher, a short squeeze could easily catch bearish traders off guard fueling a rapid breakout rally.

For now, all eyes remain on $196. A decisive breakout could reignite Solana’s momentum, while another rejection might set the stage for déjà vu.

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