Solana price holds key $143 support after multi-week decline

Solana price is holding a key multi-month support zone around $143 after weeks of decline, with neutral momentum and analysts watching for either a relief bounce or a breakdown toward lower supports.

Solana price traded above a key support level at $143 following several weeks of decline, according to market data and technical analysis shared by cryptocurrency analyst DaanCrypto.

The cryptocurrency rebounded from a multi-month support band that has served as a demand zone over the past two years, where buyers have historically defended the price, according to chart data. The price currently sits below a high-volume trading node identified in volume profile analysis, representing the most actively traded area for the asset.

Technical indicators show Solana (SOL) trading below both short-term and long-term moving averages, while momentum indicators display neutral readings rather than active selling pressure, according to the analyst’s assessment.

DaanCrypto stated that Solana’s price decline may be approaching an exhaustion point, noting that the cryptocurrency now trades at major high-timeframe support. The analyst identified a nearby resistance level as the first target for recovery, with the next significant area corresponding to a liquidity pocket on the volume profile that aligns with previous consolidation levels from earlier this year.

https://twitter.com/DaanCrypto/status/1993302269379465729?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow

The analyst noted the price has shown initial signs of stabilization, adding that the coming weeks will determine whether sustained momentum develops from the current position.

Activity from Solana-based meme tokens has contributed to renewed interest in the ecosystem, according to market observers.

The cryptocurrency’s ability to maintain its position above current support levels will determine whether further gains toward higher resistance zones materialize, according to technical analysts. A failure to hold the $143 support zone would likely result in a move toward deeper support levels, analysts said.

Solana remains positioned at what technical analysts describe as one of its most significant price levels of the year.