Solana targets resistance at $150 amid market uncertainty
The resistance point for Solana is around $150, but the support point is at approximately $135.
Weak demand for leverage and on-chain activity limit SOL's rise.
Solana's (SOL) share is trading at $138.80, reflecting a decrease of 4.23% in the last 24 hours. The current market capitalization is $70.63 billion, and the daily trading volume recorded is $5.13 billion after an increase of 11%, indicating strong market activity. The decline in market prices has not deterred investors, as evidenced by the increase in trading volumes, suggesting potential volatility in the market during this short term.
Low demand for leverage limits SOL's upward potential.
Analysts link the rapid decline in SOL's price to the collapse of the memecoin market, which has impacted overall network usage across various sectors. Liquid staking with tokenized assets forms a group that includes yield aggregators as well as synthetic perpetual markets, NFTs, and AI infrastructure. SOL faces limited growth potential as leveraged traders show no interest in the market. SOL's perpetual futures contracts have maintained a negative funding fee structure driven by short sellers for three consecutive days.
