The Solana price is currently trading around $146, down 3-4% on the day, having pulled back from recent resistance near $155 to $160. The token has entered a consolidation phase following a rally earlier this week and is testing key support amid mounting ETF optimism. Market sentiment remains broadly neutral-to-positive: on-chain activity and ecosystem growth support confidence, even as geopolitical jitters trigger short-term volatility.
In times when many altcoins are struggling to find a base, Solana is quietly attracting major investor attention. As per some reports, nearly $135 million worth of assets has been bridged from the other chains to Solana in the past 7 days. This also includes more than $70 million from Ethereum alone. This also suggests the growing cross-chain confidence and increasing utility. Ethereum-to-Solana flows leading the charge underscore shifting liquidity trends. This could be a major bullish signal for the SOL price ahead of the ETF approval.
Over the past couple of days, the SOL price has been facing huge bearish pressure as the sell-offs escalate, bringing the price close to $145. The token is forming consecutive lower highs and lows, hence displaying the rising dominance of the bears. Although the token is believed to maintain a descending trend and reach out to the local support, it remains within a huge bullish pattern.
As seen in the above chart, the SOL price is trading within a massive cup & handle pattern wherein the selling pressure is yet to fade. Besides, the CMF has remained stuck below the average since the start of the month, suggesting no major money flow into the token. On the other hand, the RSI is heading towards the lower threshold, dragging the SOL price close to $143 or $140, which could act as a base to trigger a rebound. If it fails to do so, the price may test the support of the channel at $133, which is one of the most pivotal ranges.
Therefore, the hopes for a strong upswing continue to remain high for the Solana (SOL) price rally as long as the support at $133 is held strongly.
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