Solana price steady at $164 as bulls face trendline rejection
Solana (SOL) is trading near $163.94 early Wednesday after posting a modest 1.29 percent intraday gain. However, the token's recent rebound from sub-$155 lows appears to be losing steam as it runs into a confluence of resistance levels just below $170.
Highlights
- Solana price today trades near $163.94 after rejecting from EMA resistance near $169
- Spot outflows total $6.76 million over 24 hours while RSI dips toward neutral-bearish zone
- Key support lies at $156 and $150, with long squeeze risk rising due to high leverage exposure
The failure to hold above the 50- and 100-day EMAs, combined with persistent negative on-chain flows, is keeping bullish sentiment in check. The recent bounce off support near $155 has not translated into a sustainable trend shift. Price action shows a clean rejection from the upper band of a descending wedge on the 4-hour chart, with SOL now retesting support around $160.
SOL price dynamics (Source: TradingView)
The 200-EMA offers some intraday stability, but the inability to close above $165 to $170 highlights the fragile nature of the rally. RSI is trending around 46, suggesting momentum has turned sideways with a mild bearish lean.
On-chain and derivatives data hint at caution
On-chain flows show continued outflows, with $6.76 million existing exchanges in the past day. This trend has persisted since early July, underscoring investor reluctance to accumulate at current levels. Derivatives data adds to the cautious tone. Open interest has slipped to $9.23 billion, while volume rose slightly to $20.61 billion. Despite that, long/short ratios remain stretched, with Binance reporting a 3.27 and OKX at 3.24, suggesting the market may be vulnerable to a long squeeze if support levels falter.
A break below $156 would increase the probability of a move toward $150, and deeper retracement levels remain open near $142 and $138. For bulls to regain control, SOL must reclaim the $170 to $172 zone where both the 100-day and 200-day EMAs converge with the long-term descending trendline.
In previous Solana coverage, we highlighted the importance of reclaiming the $170 to $172 zone as a prerequisite for confirming trend reversal. That thesis remains unchanged as SOL continues to face rejection from layered resistance. Without a clean breakout, traders should prepare for continued choppiness and possible downside toward $150.
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