Solana broke out of a long-term descending resistance trendline but now faces a crucial retest zone.
Price must hold above the $149.71 support zone to maintain recent bullish momentum.
A failed retest could lead to a retrace toward the $140.00–$137.00 demand zone below.
Solana's current market position presents a decisive moment on the 4-hour chart. The asset recently broke above a descending trendline that extended from late May. This trendline had repeatedly rejected price rallies, with failed attempts visible around June 7 and June 14. Following a rebound from sub-$130 levels on June 24, the price climbed steadily, eventually challenging the resistance around $151–$154.
https://twitter.com/CryptoBull009/status/1939542828150927728
Notably, the breakout from the compression pattern occurred with a sharp move that pushed SOL past the $149.71 resistance. The structure, shaped by converging trendlines, had compressed price action into a wedge. This setup heightened directional pressure. As of now, price action sits slightly above the breakout point, trading at approximately $151.56, down 1.15% in the last 4 hours.
Breakout Zone Turns Support Amid Market Uncertainty
The highlighted green zone between $149.50 and $151.00 now acts as immediate support. This area formerly served as resistance and aligns closely with the breakout point. A successful retest here may validate the breakout, potentially allowing bulls to regain short-term control. The horizontal green bands clearly mark previous consolidation zones. These areas often act as buffers during volatility.
However, the current candle formation suggests some indecision. Price action briefly touched the red resistance trendline before pulling back slightly. The rejection hints at market hesitation, especially with the lack of strong volume confirming the move.
Support Test Critical as Price Hovers Above Key Demand Zone
Should the $149.71 level fail to hold, the next visible demand zone lies between $140.00 and $137.00. This zone, shaded in blue, captured prior buying interest on June 26. It may be a possible rebound zone in case the downside pressure continues. This zone is also intersected by the ascending trend-line which links recent lows indicating further technical significance.
In summary, the current structure hinges on the support at $149.71. This level will determine whether SOL maintains upward momentum or reverts into its prior consolidation range.
