Can this $345 million signal trigger a $170 breakout?

Solana price stagnated at around $145 on August 15 as bulls defend this critical support level. On-chain data shows a significant increase in SOL staking deposits over the past 72 hours.

SOL bulls vigorously defend $145 support

Solana staged a strong recovery last week, posting double-digit gains. The approval of Solana ETFs in Brazil sparked global interest and fueled the rally. However, as the media hype died down, Solana struggled to attract new buyers this week. Bears have been trying to initiate a downside reversal since then.

After reaching a high of $162.50 on August 9 following a 48% increase, Solana came under significant selling pressure. By August 15, Solana’s price had fallen to $145, a 13% decline since the start of the week.

Despite the selling pressure, the bears have not been able to fully control the market as the bulls have established a solid support level at around $145. The price has been consolidating in a tight range for the past four days, suggesting underlying bullish catalysts are counteracting the sell-offs.

The attached chart illustrates the price action and shows how Solana has held its position at around $145, indicating the determination of the bulls to prevent further price decline.

Investors have invested $345 million in 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 it. This behavior could indicate a shrinking market supply, which could be positive for Solana.

The chart shows that Solana’s staking deposits (total value staked) increased from 380.2 million SOL on August 12 to 382.6 million SOL on August 15.

This increase of 2.4 million SOL, worth about $348 million at the current price of $145 per SOL, suggests that the short-term market supply has decreased by this amount over the past three days. The increase in staking during market consolidation is usually considered a positive indicator as it reflects investor confidence in holding the asset.

This reduction in market supply could drive the price higher, especially if demand increases. Furthermore, increased staking activity often signals a longer-term bullish outlook from investors, which could support Solana’s price in the coming days.

Solana Price Prediction: Possible Breakout if $145 Support Holds

Solana price consolidation around the $145 support level coupled with increasing staking activity suggests possible bullish momentum in the near term. The first key indicator to watch is the Moving Average Convergence Divergence (MACD).

As seen in the chart below, the MACD line is moving near a bullish crossover, indicating the possibility of an upward move in the price if confirmed by a breakout above the $157.20 level.

Another important indicator is the Accumulation/Distribution Line (ADL), which is showing a steady uptrend. This upward movement in the ADL suggests that buying pressure is gradually outweighing the selling pressure, reinforcing the strength of the $145 support.

If Solana manages to hold this support level, a breakout towards $170 is plausible. However, a break below $145 could result in a retest of the $135 support level. Currently, bullish indicators are providing optimism, but confirmation from price action is essential. Keep an eye on a possible move above $148, which will signal the start of a new uptrend.