• Solana is struggling to break past the $140 resistance despite a recent price rebound, with traders closely watching its next move.
• Solana’s trading volume and open interest have surged, but its RSI suggests the price could face resistance or a potential pullback.

Solana (SOL) has shown some resilience over the past 24 hours, bouncing back by 5.87% to trade at $138. However, despite this short-term recovery, the altcoin remains down by 20% over the past month, reflecting ongoing uncertainty in the market.

Solana Price Struggles: Can It Overcome Resistance?

SOL recently rebounded from $128.49, signaling short-term strength. However, the critical $140 resistance level remains a major hurdle, with sellers repeatedly pushing the price down at this point. If Solana manages to break and sustain above $140, it could indicate growing bullish sentiment among traders.

Market Activity: Is a Bigger Move on the Horizon?

Despite price struggles, Solana trading volume has surged by 130.42% to $3.33 billion, suggesting increased participation from traders. Additionally, open interest in SOL futures has risen to $5.25 billion, reflecting a growing number of leveraged bets on its price movement. This surge in open interest could either fuel further price growth or trigger a sharp correction if liquidations occur.

Technical Indicators: What RSI Says About SOL’s Next Move

Solana’s Relative Strength Index (RSI) currently stands at 67, placing it in neutral territory. While not overbought yet, an RSI above 70 could signal an incoming correction as selling pressure increases. If the RSI stabilizes or dips slightly, it may indicate a consolidation phase before the next upward push.

Network Activity: Are Users Backing SOL’s Growth?

On-chain data suggests that Solana’s network activity has been volatile. The number of active wallets dropped to 1 million on March 20 before rebounding to 3 million by March 23. Similarly, new wallet creation dipped around March 19-20 but has since recovered. This resurgence in network usage could help sustain SOL’s price if demand continues to grow.

What’s Next for SOL?

For Solana to maintain its upward momentum, it must break through the $140 resistance level with strong trading volume. If buying pressure weakens, SOL could face another pullback. However, continued high trading activity, a steady RSI, and increasing network engagement could push the price toward the next resistance zone.

The next few days will be crucial—will Solana cement its breakout, or will sellers regain control and drag prices lower? Traders should closely watch SOL’s price action and volume trends to anticipate the next big move.