Solana at $147: A ’Very Scary’ Chart Warns of Potential Plunge – How Low Can SOL Go?

Solana's chart flashes red as it teeters at $147—traders brace for a possible freefall.

The Breakdown: Technicals suggest SOL could be setting up for a sharp correction. The $147 level isn't just psychological—it's a make-or-break zone that could trigger cascading liquidations.

Where's the Bottom? If support cracks, analysts whisper about a retest of June's lows. Meanwhile, perpetual traders keep levering up—because what's crypto without a little reckless optimism?

Remember: In crypto, 'scary' charts either print generational buys or become LinkedIn postmortems. Choose wisely.

Solana chart patterns spook traders

On X, a crypto expert flagged a descending broadening wedge on the 12-hour chart, labeling the setup as – 

“$SOL Chart Looking Very Scary.”

According to the pattern, a breakdown toward the $120–$125 zone is possible if selling pressure accelerates.

Source: X (Formerly Twitter)

Meanwhile, another expert shared a post, stating that SOL’s long-term growth potential is massive. The post noted that the long-term price target ranges from $169 to $420 per SOL.

As mixed calls poured in, sentiment wavered, fueling both hope and hesitation across the market.

Solana’s volume vanished?

According to CoinMarketCap, 24-hour trading volume collapsed by over 47%, a clear signal that traders were stepping aside.

This sharp drop in participation came as SOL hovered around the $147 mark, caught in a period of low-volatility indecision.

Such a decline often reflects uncertainty. Without a directional move, many traders prefer to wait it out, especially when the broader structure lacks a strong trend.

AMBCrypto’s technical analysis observed that SOL is at a make-or-break point, as it appears to be struggling at a key support level of $145.

This ongoing price consolidation has been observed on SOL’s daily chart following the breakout from a descending channel pattern.

Source: TradingView

If SOL breaks below $141, the drop could extend to $120. Conversely, a daily close above $160 could reignite bullish momentum and drive a push toward $183.

$4.26 million worth of SOL sent to exchanges

Data from Spot Inflow/Outflow revealed that, amid the ongoing market uncertainty, exchanges have recorded an inflow of $4.26 million worth of SOL in the past 24 hours.

Source: CoinGlass

This substantial inflow suggests a potential dump and may indicate that investors and long-term holders are preparing to safeguard their assets in case the price dips further.

$78 million in bearish bets 

Not only investors, but traders have also been leaning toward a bearish outlook.

At press time, they were over-leveraged around $145.1 on the lower side (support) and $149.5 on the upper side (resistance).

Source: CoinGlass

Within that range, short positions reached $78.42 million, sharply outpacing the $53.97 million in longs.

This indicates that interest in short positions is significantly higher than in long positions, reflecting a strong bearish sentiment toward SOL.