Solana is currently trading around the $155 support level, after a pullback from a demand zone. he stochastic RSI suggest SOL is near oversold levels, hinting at a potential bullish reversal if enough bullish momentum builds up.
Analysis of Solana’s trading volume and development activity shows a decline in volume since 2021/2022 highs, but an increase in development activity, indicating long-term factors supporting a price rebound.
Whale activity data shows an accumulation phase, with whales with over $5 million holding more stablecoins, correlating with spikes in social volume – suggesting Solana is at a critical support level and a reversal could be imminent.
In conclusion, Solana is in a bullish pennant pattern, with the $155 support level being a key zone to watch. A breakdown below this level could lead to further price drops, while a buildup of bullish momentum could trigger a reversal and surge in SOL’s price.
Source: AMB CRYPTO
