Saad Ullah
⬤ Solana has entered a consolidation phase after pulling back sharply, now trading near a clearly defined support zone around $127-128. The downward momentum has slowed significantly, with price stabilizing instead of continuing its drop—an early signal that buying interest may be returning to absorb selling pressure.
⬤ The 4-hour chart reveals that SOL is holding at a level that previously attracted buyers. After a steady climb followed by a sharp reversal, the price has been moving sideways in this zone. Candles have become smaller and more compressed, showing reduced volatility and suggesting that sellers are losing steam while demand begins to stabilize the market.
⬤ A nearby resistance area sits above current levels and could serve as a short-term target if the support holds. While the overall structure remains corrective, the absence of further downside movement suggests Solana might be forming a short-term base—a pattern that often precedes directional shifts.
⬤ This consolidation phase is critical for determining Solana's next move. If stability continues at current levels, a push toward the resistance zone becomes likely. However, if support fails to hold, downside risk would reopen, making this area a key reference point for traders and market participants watching SOL's next direction.
Saad Ullah
