The Solana price climbed toward $146.50 in early trading on May 8, recovering from a short-lived dip below the $144.50 zone. This rebound followed a bullish engulfing candle on the lower timeframes and an intraday push above the 20 and 50 EMAs. However, price action stalled under the $149 resistance — previously a failed breakout zone on May 7. This suggests market hesitation near the upper boundary of the current consolidation range.
On the daily scale, SOL remains in a mild uptrend supported by the 200 EMA near $140.89. Still, buyers must clear the 23.6% Fibonacci retracement level at $155.43 (from the November 2023 high to the March 2024 low) to confirm a broader bullish continuation.
Solana (SOL) Price Update: Indicators Show Mixed Signals on Direction
Short-term momentum is losing steam as RSI on the 15-minute chart hovers near 40 after peaking above 70 on May 7. Meanwhile, MACD has crossed below its signal line with fading histogram strength, implying weakening bullish pressure. On the 4-hour chart, Solana price action shows rejection from trendline resistance, while the Stochastic RSI is turning from oversold — a potential setup for sideways consolidation.
Keltner Channels and Bollinger Bands are both narrowing, pointing to Solana price volatility compression. When volatility tightens like this, a breakout is likely. But as of now, SOL is consolidating between $144.50 and $149.30, and the bias remains neutral unless a clean break occurs.
Why Solana (SOL) Price Going Down Today?
The dip from $149.28 seen earlier today appears to be driven by intraday profit booking after an impulsive rally from $141.65. The bounce was triggered by a retest of the ascending trendline support on the 15-minute chart and short-term bullish divergence on RSI. However, sellers re-entered near the red resistance zone just below $150 — a region that aligns with both previous supply and trendline confluence.
Thus, the Solana price today reflects a mix of intraday bullish structure facing mid-range overhead resistance. Why Solana price going down today may be attributed to this exhaustion at $149 and lack of broader market strength across altcoins.
Solana (SOL) Price Forecast: What’s Next for SOL?
The immediate support lies at $144.56 (EMA 100 on 15-min and trendline base). If this level holds, SOL could stage another test of $149. Beyond this, a clean breakout would open the door to $155.43 (Fibonacci 0.236), which is the first significant weekly resistance. On the flip side, if $144.50 breaks, downside risk extends toward $141.65 and $140.89 (EMA 200 on the 4-hour chart).
From a broader perspective, the weekly Fibonacci chart highlights a critical cluster between $155 and $183, which remains the long-term upside target if bulls regain momentum.
Read Also: Solana (SOL) Price Prediction May 2025
Final Thoughts: Is Solana Set for a Breakout?
Solana price is currently trapped in a narrowing range, with compression zones forming on multiple timeframes. While bulls have defended key support zones near $144, the failure to reclaim $149 decisively leaves SOL vulnerable to further pullbacks. Unless buyers break above the downtrend line and reclaim $150+, the current Solana price action is likely to stay choppy.
For now, traders should watch the $144–$149 band closely, with volatility likely to expand into May 9. If the price closes above $149 with strong volume, a move toward $155 becomes more probable.
Solana (SOL) Price: Key Levels to Watch
| Level Type | Price (USD) |
| Immediate Support | 144.56 |
| Key Intraday Resistance | 149.28 |
| Bullish Breakout Target | 155.43 |
| Downside Risk Below | 141.65 |
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