Solana price has been hovering around $145 on August 15 as bulls defend this critical support level. On-chain data shows a significant surge in SOL staking deposits over the past 72 hours.
SOL Bulls Firmly Defend $145 Support
Solana experienced a strong rebound last week, posting double-digit gains. The approval of the Solana ETF in Brazil sparked global interest, fueling the rally. However, as the media hype died down, Solana struggled to attract new buyers this week. Since then, bears have been trying to initiate a reversal lower.
After peaking at $162.50 on August 9, following a 48% rally, Solana experienced significant selling pressure. By August 15, Solana’s price had fallen to $145, marking a 13% drop from the start of the week.
Despite the selling pressure, the bears have failed to fully take control of the market as the bulls have established a solid support level around $145. The price has consolidated in a tight range over the past four days, indicating underlying bullish catalysts countering the sell-off.
The attached chart illustrates the price action, showing how Solana is holding its position around $145, indicating the bulls’ determination to prevent the price from falling further.
Investors have poured $345 million into SOL in the last 3 days
As the Solana market consolidates, on-chain data shows that a significant number of investors are choosing to stake their SOL rather than sell. This behavior could indicate a tightening of supply in the market, which could be bullish for Solana.
The chart shows that Solana deposits (total staked value) increased from SOL380.2 million on August 12 to SOL382.6 million on August 15.
This increase of 2.4 million SOL, valued at approximately $348 million at the current price of $145 per SOL, suggests that the short-term supply in the market has decreased by this amount over the past three days. Rising rates during market consolidation are generally seen as a positive indicator, as they reflect investor confidence in owning an asset.
This reduction in supply in the market could lead to a price increase, especially if demand increases. Additionally, increased betting activity often signals a long-term bullish outlook among investors, which could support Solana’s price in the coming days.
Solana Price Forecast: Breakout Possible If $145 Support Holds
Solana price consolidation around the $145 support level coupled with rising betting activity suggests potential bullish momentum in the near term. The first key indicator to watch is the moving average convergence divergence (MACD).
As you can see in the chart below, the MACD line is hovering near a bullish crossover, signaling the possibility of an upward price move if confirmed by a breakout above $157.20.
Another important indicator is the Accumulation/Distribution Line (ADL), which has shown a steady upward trend. This upward movement of the ADL suggests that buying pressure is gradually outweighing selling pressure, strengthening the strength of the $145 support.
If Solana can hold this support level, a breakout to $170 is likely. However, a break below $145 could lead to a retest of the $135 support level. At the moment, bullish indicators are encouraging, but confirmation through price action is essential. Watch for a potential move above $148 to signal the start of a new uptrend
