Solana Tests Major Support At $144, Here Is The Technical Analysis
Solana has been one of the most fascinating charts to follow in recent months, and right now we're seeing a textbook example of how technical support levels can tell the entire story of what lies ahead. After SOL's remarkable journey from the major support at $96 all the way up to resistance at $187, we're now witnessing a crucial test that could determine the next major move for this blockchain powerhouse.
The Technical Landscape: A Tale of Three Levels
Looking at the daily chart, three horizontal lines paint a clear picture of Solana's current position in the market hierarchy. The most critical level we're watching is that $144 support zone, which has proven its worth multiple times throughout this recent correction from the $187 high.
What makes this $144 level so significant? It's not just a random price point—it represents the intersection of multiple technical factors that savvy traders have been watching. When price retreated from the $187 resistance area, this $144 zone emerged as the primary battleground between buyers who believe SOL is undervalued at these levels and sellers who think further downside is inevitable.
The beauty of this setup is how clean these levels are. That $187 resistance has acted like a brick wall, rejecting multiple attempts by bulls to break higher. Each time Solana approached that level, selling pressure emerged, creating what we call a "ceiling" that price simply couldn't penetrate. This type of repeated rejection often signals that institutional players are using these levels to unload positions.
Support Holding... For Now
The encouraging news for SOL bulls is that $144 support has been relatively resilient. We've seen several tests of this level, and each time, buyers have stepped in to defend it. This creates what I like to call a "floor" in the market—a level where demand consistently exceeds supply.
However, the strength of any support level isn't just about how many times it holds; its also about the quality of those bounces and the overall market environment. While $144 has technically held, the bounces haven't been particularly robust, suggesting that buying interest at these levels isn't as aggressive as we'd like to see for a sustainable reversal.
The Macro Risk That Changes Everything
Here's where the analysis gets really interesting, and frankly, where the biggest risk lies for SOL holders. While the $144 support level has shown resilience, we can't analyze Solana in a vacuum. The reality is that Solana, like most risk assets, remains highly correlated to broader market sentiment—particularly the stock market.
If we see significant selling pressure in equities, whether due to tariff uncertainties, geopolitical tensions, or any number of macro headwinds currently lurking, SOL could face a very different dynamic. Risk assets tend to move in tandem during periods of market stress, and cryptocurrencies often amplify these moves on both the upside and downside.
Should the stock market experience a meaningful correction, that $144 support level could give way much faster than many expect. In a risk-off environment, even technically strong support levels can crumble as leveraged positions get liquidated, and institutional money flows toward safe havens.
The $96 Safety Net
This brings us to that major support at $96—a level that represents the ultimate test for Solana bulls. If $144 breaks under pressure from broader market selling, the path of least resistance points directly toward this major support zone.
The $96 level isn't just another line on the chart; it represents a critical psychological and technical inflection point. It's where we'd expect to see the most aggressive buying interest emerge, as longer-term investors view any move to these levels as a significant opportunity.
Bottom Line
While Solana's immediate technical picture shows $144 support holding for now, the real story revolves around macro risk. The correlation between risk assets means that SOL's fate may ultimately be decided not by its own technicals, but by the broader appetite for risk in global markets. Keep those stop levels tight and watch the equity markets closely—they may well dictate Solana's next major move.
Analysis provided by Gareth Soloway, Chief Market Strategist at VerifiedInvesting.com
