Solana at Critical Crossroads: $144 Resistance vs Strong On-Chain Fundamentals

Source: TheCryptoUpdates Original Title: Original Link: https://www.thecryptoupdates.com/solana-struggles-at-144-amid-etf-weakness/ Solana’s stuck in a really tight range right now between $131 and $144. Every time it tries to break above $144, sellers push it right back down. That resistance level’s been holding firm through multiple tests.

The ETF situation’s not helping either. On December 4th, Solana ETFs saw massive outflows of $32.19 million in a single day. The TSOL product accounted for most of it, with $41.79 million walking out the door. That’s creating some serious selling pressure.

But here’s where things get interesting. Despite those ETF outflows, on-chain activity is actually really strong. Over $321 million flowed into Solana over the past month, with more than $240 million coming from Ethereum bridges. That shows people are still actively using the network for DeFi and other projects even though the ETF money’s leaving.

The weekly chart’s showing SOL’s been trapped in this sideways range for almost two years now. Technical indicators are hitting oversold levels, and there’s a golden cross forming on the stochastic, which could signal a turnaround. Analysts are watching the $130 support level closely. If that holds, we might see a bounce. But if $144 doesn’t break soon, there’s a risk of dropping back toward $130 or even lower to $126.

Conclusion

Solana’s battle at $144 resistance reflects competing forces: institutional ETF exits versus robust organic network growth, with the $130 support level becoming critical for determining whether accumulation or distribution will dominate near-term price action.