Solana price holds multi-year demand at $143 as traders weigh trend

Solana held $143 after several weeks of declines, with momentum readings near neutral, according to market data and chart analysis from cryptocurrency analyst DaanCrypto.

Price rebounded from a multi-month demand area that has drawn buyers repeatedly over the past two years. Even after the bounce, Solana trades below short- and long-term moving averages and below a high-volume trading zone shown on the volume profile.

DaanCrypto views the recent downtrend as close to exhaustion as the asset tests a major high‑timeframe support. The analyst marked a nearby resistance level as the first objective for any recovery, followed by a higher zone that aligns with a liquidity pocket on the volume profile and with consolidation seen earlier in the year.

Momentum indicators point to neutral conditions rather than strong selling pressure in the current range. The next phase depends on whether buyers can build follow‑through from the present base or whether supply reappears near overhead resistance.

Other technical analysts note that holding $143 keeps a path open to resistance zones that have capped rallies in recent months. A clear break below the level would shift focus to prior support areas on the chart.

Market watchers report renewed interest in the Solana network driven by activity in Solana-related meme tokens. They add that price behavior on the spot chart remains the main reference for judging whether a rebound can continue.

The $143 area overlaps a multi‑year demand zone where buyers previously stepped in. Volume profile analysis places a high‑volume node above the current price, indicating dense trading in that region that could act as resistance if the market attempts a recovery.

According to GNcrypto’s earlier report, South Korean exchange Upbit temporarily blocked deposits and withdrawals after about 54 billion KRW (~$38.5 million) in Solana ecosystem tokens were drained from hot wallets in the early hours of Nov. 27, Korea time. The exchange moved remaining funds to cold storage, froze roughly 12 billion KRW of the haul, and began an audit of Solana deposit and withdrawal systems. Upbit said user balances will be restored from company funds and plans staged reopenings; earlier incidents included a 2019 loss of about 342,000 ETH and a 2023 fake APT token listing.