Here’s a concise analysis of the $SOL price action and market signals based on the latest data and your post:
1. Price Action & Chart Pattern
Solana (SOL) recently traded between 137.80 and 146.10 USDT, showing moderate volatility. The price is currently around 140.06 USDT, slightly below the key 146 USDT neckline of the double-bottom “W” pattern. This pattern is considered bullish, but confirmation requires a breakout above the neckline.
2. On-Chain & Sentiment Indicators
On-chain data shows long-term holders are reducing their selling, which eases distribution pressure and often signals a healthier market phase. The NUPL metric indicates recent capitulation, a zone historically linked to major bullish reversals and potential accumulation.
3. Key Levels & Scenarios
If SOL decisively breaks above the 146 USDT neckline, it could trigger a move toward 165 USDT, with resistance at 157 and 163 USDT. Failure to break out or renewed weakness could see SOL retest support near 136 USDT, delaying recovery. Momentum is improving, but confirmation depends on a successful breakout above resistance.
In summary, $SOL is showing early recovery signs, but a confirmed breakout above 146 USDT is crucial for a sustained upward trend.