Here’s Why Solana Price May Dip to $146 Before Rally Resumes

In the last 24 hours, Solana price traded slightly above the levels of $150, with technical indicators pointing towards short term retracement.

The bull trade has pushed traders towards a critical support level of approximately $144-$146, as analysts warn that the bulls may not yield much success.

This sentiment has been backed by the TD Sequential sell signal, along with an Elliott Wave confirmation.

Meanwhile, derivatives data showed a bullish bias, but fading momentum could leave leveraged longs vulnerable if prices slip further.

Solana Price Faced Rejection As This Signal Warns of a Dip

According to Ali Martinez, Solana price action has shown signs of weakening near the $152–$153 zone. Recently the TD Sequential indicator flashed a 9 candle that is typically considered a local top.

This coincides with Fibonacci 1.0 extension target of near to $152.68, a strong resistance. More so, Solana price has continued to decline since then to $149.50 with a possibility to test to the $146 area.

Ali pointed out that the next important support and the Fibonacci confluence are at $146. In case this bearish pressure still holds, there may be a revisit of this level in the short-term.

The chart indicated that prior consolidation had occurred around this region, which gave it heavy significance.

In case bulls are not able to protect the SOL price around $146, Solana may visit the $142 or $138 level again. A close below the weekly low of $146 on the daily chart would also most likely change the bias to bearish.

SOL Wave Pattern Confirms Micro Support

Additionally, Elliott Wave analysis by Man Of Bitcoin showed Solana price forming five clear waves from its June lows.

This confirmed the start of a new bullish structure. However, the analyst identified $144.79 as micro support for the next wave (5) continuation.

Wave-(3) peaked near $150, and wave-(4) retraced toward $130. The ongoing wave (5) move appears to have stalled between $150 and $153.

This implies that a dip to $144–$146 may be part of a healthy correction within the broader uptrend.

If this support zone holds, Solana price could aim for a breakout toward $156–$160. This area marks the next Fibonacci resistance cluster and psychological hurdle for bulls.

Conversely, failure to bounce at $144.79 may see a reset toward the lower support band near $138.

Derivatives Data Shows Bullish Bias

CoinGlass data reflected a bullish skew in Solana markets, though signs of cooling are emerging. Open interest jumped 6.83% to $7.07 billion, while options open interest surged 21.63% to $3.18 million.

This showed rising participation and risk-taking by traders. However, options volume fell 59.41%, suggesting reduced directional conviction.

More so, the long/short ratio remained positive at 1.0691, and top traders on Binance are positioned long at a ratio of 2.0331.

These data confirmed a bullish trend, yet, elevated long positioning can expose the market to sharp liquidations during sudden price drops.

Funding rates also remained mostly flat, showing neutral sentiment in perpetual futures. This indicated that although longs dominate, they are not paying excessive premiums, suggesting the market is not yet overheated.

Short liquidations dominated across all timeframes, $190K in the past hour, $284K in four hours, and $468K over 12 hours.

This implied short-sellers were squeezed recently. But if Solana price dips below $148, the liquidation flow may reverse.

Volume Weakens as SOL Price Stalls Near $150

However, Solana price 24-hour trading volume fell 30% to $1.98 billion, signaling reduced momentum.

This volume drop, combined with the TD Sequential top and Elliott micro support, reinforced the $144–$146 retracement possibility.

Rekt data showed that over $9.3 million in total positions were liquidated in the past day, with a heavy bias toward shorts.

However, bulls must maintain control above $146. Any failure here may lead to a drop toward $138 or even $131.11, the 2.236 Fibonacci extension.

Despite the bearish Solana price predictions, the top altcoin has rallied over 17% in the past week. SOL price surged from around $129 to $151.6, showing strong upward momentum.

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