Solana price stagnated around $145 on Aug 15, as bulls defend this critical support level on-chain data reveals a significant spike in SOL staking deposits over the past 72-hours.
SOL Bulls Defend $145 Support Vigorously
Solana experienced a robust rebound last week, delivering double-digit gains. The approval of Solana ETFs in Brazil sparked global interest, fueling the rally. However, as the media hype diminished, Solana struggled to attract new buyers this week. Bears have since attempted to initiate a downward reversal.
After peaking at $162.50 on August 9, following a 48% rally, Solana has experienced considerable selling pressure. By August 15, the price of Solana had dropped to $145, marking a 13% decline since the start of the week.
Despite the selling pressure, the bears have been unable to take full control of the market, as the bulls have established a solid support level around $145. The price has consolidated within a narrow range over the past four days, suggesting underlying bullish catalysts countering the sell-offs.
The attached chart illustrates the price action, showing how Solana has maintained its position around $145, indicating the bulls’ determination to keep the price from falling further.
Investors Stake $345 Million in SOL Over the Last 3 Days
As Solana’s market consolidates, on-chain data reveals that a significant number of investors are opting to stake their SOL rather than sell. This behavior could indicate a shrinking market supply, which might be bullish for Solana.
The chart shows that Solana’s Staking Deposits (Total Staked Value) have increased from 380.2 million SOL on August 12 to 382.6 million SOL by August 15.
This 2.4 million SOL increase, valued at approximately $348 million at the current price of $145 per SOL, suggests that the short-term market supply has decreased by this amount over the past three days. The rise in staking during market consolidation is typically seen as a positive indicator, as it reflects investors’ confidence in holding the asset.
This reduction in market supply could drive the price higher, particularly if demand increases. Additionally, increased staking activity often signals a longer-term bullish outlook among investors, which could support Solana’s price in the coming days.
Solana Price Forecast: Possible Breakout if $145 Support Holds
Solana price consolidation around the $145 support level, coupled with increasing staking activity, suggests potential bullish momentum in the near term. The first key indicator to watch is the Moving Average Convergence Divergence (MACD).
As seen in the chart below, the MACD line is hovering close to a bullish crossover, signaling the possibility of an upward price movement if confirmed by a breakout above the $157.20 level.
Another critical indicator is the Accumulation/Distribution Line (ADL), which has shown a steady upward trend. This upward movement in the ADL suggests that buying pressure is gradually outweighing selling pressure, reinforcing the strength of the $145 support.
If Solana manages to sustain this support level, a breakout toward $170 is plausible. However, a break below $145 could lead to a retest of the $135 support level. For now, the bullish indicators provide optimism, but confirmation through price action is essential. Keep an eye on a potential move above $148 to signal the start of a new upward trend
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
