Solana ($SOL), a prominent crypto asset, is going through continuous endeavors to break out as its accumulation phase is dragging on. In line with the new market data, irrespective of positive sentiment across the wider market, $SOL dipped by 1.75% over the recent twenty-four hours. This price decline has raised questions among traders concerning Solana’s potential breakout or a further correction.
Solana Struggles for Breakout While Prolonged Accumulation Hinders Momentum
The data reveals that Solana’s live price chart indicates the significant struggle for a breakout. In this respect, the price action stays choppy moving near the $150 mark with declining trading volume. This suggests neither bears nor bulls have substantial cash to lead the present market structure. Market onlookers are of the view that this sideways price movement suggests classic accumulation.
Technical price charts also present the ongoing struggle of Solana ($SOL). At present, $SOL is reportedly stuck within a contracted range while being unable to leave the indecisive zone. The price resistance is also too strong, making it difficult for the purchasers to overcome it. Simultaneously, sellers are not displaying enough enthusiasm to push the price down at the moment.
$141.41 Signifies Important Support Level for $SOL
Keeping this in view, the market members are eyeing $141.41 as crucial support level of Solana. The respective zone appears crucial. Thus, a close below the respective level could raise the potential for a sheer decline, potentially targeting the price range of $120-$140. That would signify a massive drop to trigger wide-scale stop-losses.
Particularly, for investors who are still holding the $SOL coin or endeavoring to buy the dip, the respective level could serve as a Launchpad. Meanwhile, Solana is still standing at a crossroads. Though the other prominent coins are making continuous price rallies, the traders are cautiously observing Solana’s consolidation. Hence, its next significant price move is yet to be seen in the coming days.
