Solana, a popular altcoin, is currently facing resistance near $144 as investor behavior shifts, with on-chain data showing a large supply zone between $144 and $156. Another supply cluster exists between $132 and $144, indicating that many traders are holding tokens in these price ranges. This has led to predictable market reactions, with selling pressure increasing as the token revisits these levels. Profit-taking and reaccumulation have been observed in the $144 range, with investors rotating into lower price zones to reinforce support between $123 and $144. Accumulation has also increased near $112, suggesting a broader recalibration of key support and resistance levels for Solana.
The current trading trend for Solana reflects a break-even mindset, with holders who entered between $144 and $147 seeking exits. If the altcoin’s price revisits this range, selling pressure may intensify unless buyers step in to absorb the pressure. A strong support zone has formed between $94 and $100, which may cushion future declines as over 21 million SOL last changed hands in this range. Funding rate trends have also confirmed shifting sentiments, with funding rates stabilizing near neutral values by late March, indicating a period of consolidation as the market prepares for the next move.
Liquidation data from late March to early April showed that $5.6 million of $7.6 million in liquidations were long positions, with longs making up 73.68% of all liquidations. This highlights excessive bullish leverage, which amplified short-term volatility and deepened the decline in Solana’s price. Additionally, Solana’s daily active addresses peaked at 6.5 million on 20 January but had fallen by 46% to 3.5 million by 2 April. Activity has stabilized above 2.5 million since March, indicating a steady but less engaged user base.
The combined data suggests a redistribution from the $147 zone into lower price bands, easing overhead resistance and reinforcing support below $144 for Solana. However, the altcoin is expected to remain range-bound below $130 as it consolidates and waits for a decisive trigger. Overall, Solana’s current price action and investor behavior indicate a period of consolidation and preparation for potential future movements in the cryptocurrency market.
