Solana attempts recovery as resistance blocks further upside

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Solana rebound test

Highlights

- Solana holds near $141 after a multi-day rebound from monthly lows.

- Spot flows stay negative as another $6.2M leaves exchanges.

- Bulls face a decisive battle at $145 where trend resistance remains firm.

Buyers stepped in around $123–$125 to defend a major support cluster, but the recovery has not yet shifted market conviction. Spot flow data shows another day of net outflows, with roughly $6.26M leaving exchanges on November 27. Traders continue to unwind even as price lifts, underscoring a fragile sentiment backdrop.

The market is still absorbing the fallout from a 40 percent drop over the past several weeks. Solana’s short-term bounce now faces heavy resistance zones that previously defined the uptrend. The token sits below all major moving averages and remains inside a broader corrective structure, making the next breakout attempt critical for determining whether the trend can turn before December.

Short-term pressure limits intraday gains

The 30-minute chart shows SOL trading below the session VWAP at $142.31, with every attempt to reclaim it meeting selling pressure. Rejections near the $143–$144 band highlight how aggressively intraday sellers are guarding the upper range. Bollinger Bands continue to compress, signaling a volatility build-up ahead of the next major move. RSI has reset to 46 after an earlier spike, reflecting cooling momentum and a shift back to neutral conditions.

Despite the rebound, the short-term structure still leans bearish. Solana must recapture VWAP to regain intraday momentum and open the door to higher levels. Until then, sellers maintain control over short-term price action, with each rally attempt failing to generate sustained strength.

Downtrend remains intact on the daily chart

The broader trend continues to show the imprint of the recent breakdown. Solana fell through its major ascending trendline earlier this month, ending a structure that supported the April–September rally. The Parabolic SAR remains above price and confirms that momentum still favors sellers. The bounce from the $123–$125 demand zone brought price toward the 20-day EMA at $144.46, which now stands as the first resistance level in the new downtrend.

SOL price dynamics (Source: TradingView)

Above that, the 50-day EMA at $163.97 and the 100-day EMA at $176.14 create a stacked resistance cluster that will challenge any continued recovery. Each EMA slopes downward, showing that medium-term bias remains bearish until SOL can break above $145 and then $164 with conviction.

Spot flows reinforce this caution. November’s chart remains dominated by persistent red prints, showing continuous outflows even on days with rising prices. Traders continue derisking rather than accumulating, with earlier outflows in the month exceeding $100M per day. Smaller outflows this week suggest improving sentiment but not enough to call a trend reversal.

Key levels define the next move

Solana’s ability to defend $123 was a constructive signal. The zone aligns with the deepest Fibonacci retracement from the April–October cycle and has repeatedly attracted institutional inflows. A higher low on the intraday chart adds early evidence of accumulation, but the market needs follow-through.

The next major battle sits at $144–$145, where every recovery attempt this week has stalled. A close above this region would open the path toward $164 and then $176, where heavier resistance awaits. A rejection would expose $130–$135, with a deeper pullback risking a retest of $123, the critical line in the sand for bulls.

Solana now stands at a crossroads. Momentum is improving from the lows, but flows remain negative and resistance levels remain dense overhead. The rally has potential, but buyers must reclaim trend-defining levels to shift sentiment meaningfully before December.

In earlier discussions, we highlighted that Solana’s structure risked a deeper breakdown once it lost the long-term ascending trendline. The current rebound reflects the same pattern identified then — sharp dips prompting buyers to defend major Fibonacci zones, followed by fragile recoveries capped by heavy moving-average resistance.

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