Solana’s Rally Approaches Key $146 Resistance – Breakout or Rejection Next?

Solana (SOL) is trading near $140 with a 24-hour gain of 2% and a 7-day gain of almost 11%. Daily volume is over $5.5 billion.

Despite the recent bounce, the asset remains below a key resistance level, which analysts say could decide whether the trend continues or stalls.

$146 Marks a Key Level

Analyst Man of Bitcoin views the recent rise as corrective. He noted that as long as SOL stays under $146, there’s a chance the downtrend resumes. His chart shows a wave structure where the current move fits within a wave-4 correction. If that’s accurate, a fifth wave lower could still play out. He marked possible downside targets near $118 and $107.

The $146–$149 area is being watched. A close above this zone would weaken the bearish view. Until then, the structure remains vulnerable to reversal.

Elsewhere, CryptoCurb pointed to a MACD buy signal on the 3-day chart, the first since April 2025 when SOL traded near $95. At the time, that signal preceded a strong rally. With SOL now around $138, they wrote, “$200+ with haste,” suggesting that momentum is building again.

The MACD crossover adds weight to the bullish side, but confirmation would need a break of near-term resistance. Until that happens, traders are treating the move with caution.

Whale Activity and Network Flows

Large wallet holders have increased exposure, according to on-chain data. CW said,

Stablecoin supply on Solana has also grown, now totaling more than $15 billion, based on DefiLlama data. This often reflects increased usage and capital flow into the ecosystem.

Reports from CryptoPotato show steady accumulation by larger accounts. These wallets have been active since early January, suggesting a shift in sentiment among long-term holders.

Meanwhile, institutional demand for SOL continues to grow. CryptoBusy reported that ETFs and other structured products now hold over 28 million SOL, worth $3.81 billion. This demand has remained steady through recent price swings.

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