All Solana news has been bearish in recent weeks - Reduced network activity, a looming token unlock in March, and falling TVL to...
has faced significant losses over the past month. Solana’s news cycle also revealed plenty of bearish developments alongside its price action. For instance, in a report last weekend, it was noted that reduced demand andof a drop in total value locked . A closer look at the price charts revealed that $140-$150 would be key for recovery.The retest of $180 as resistance on 20 February was followed by a 21.45% price drop. A few days ago, Bitcoin had been holding on above the $95.5k-level.
The RSI on the daily chart was at oversold levels. While it did not guarantee an immediate recovery, it hinted that the $135-level could serve as temporary support. If SOL can push itself back above $150, it could begin to consolidate in the $140-$160 zone. The price is attracted to large pockets of liquidity, but are there any nearby levels of significance?The $143 and $161-levels were potential short-term targets. The sparsity of liquidation levels above $140 means that in the coming days. SOL might struggle to push towards $160. This could change quickly if the token bounces above $150 and the Open Interest begins to climb.
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