Solana failed to break through the $144 resistance zone for the second time this week, prompting one analyst to predict a retest of November lows while others maintain the altcoin's consolidation phase may be nearing its end, with some pointing to the upcoming Solana Mobile airdrop as a potential catalyst.
What Happened: $144 Rejection Triggers Pullback
The cryptocurrency has traded between $120 and $145 since early November. It hit local lows three weeks ago.
SOL climbed more than 13% from its yearly opening earlier this week, breaking a three-month downtrend and reaching a one-month high of $143.4 before sellers stepped in.
Market analyst Crypto Batman posted on X that the altcoin faces strong resistance, asserting that a local top has formed.
He identified the next support zone around $128-$130, where an unfilled bullish Fair Value Gap sits.
The analyst noted Solana may be forming an inverse Head and Shoulders pattern since fourth-quarter corrections, with the neckline near $145.
The recent rejection could signal the right shoulder is developing, which would require a drop to late November lows before any potential breakout.
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Why It Matters: Analysts See Opportunity
Analyst King Arthur offered a contrasting view, stating that SOL "is finally waking up" after breaking free from a falling channel.
He emphasized that clearing the $143 level would open the door to $152, lost during the Nov. 13 breakdown.
"If we manage that, I'd say the uptrend is officially back on track with my eyes set on $171.55," he wrote, though he cautioned that a drop below $133 would suggest the price is not ready for bullish continuation.
SOL outpaced other major altcoins during today's session with a 3% gain after Solana Mobile announced its airdrop.
The mobile operating system, which aims to challenge the dominance of Apple and Google in the smartphone space, revealed the launch of SKR, its native governance token with a total supply of 10 billion.
According to the project's website, 30% of the supply will be distributed to early users through the airdrop.
Token holders will gain voting rights over the platform's roadmap, including decisions on which applications get added, and increased adoption of the solution could drive higher demand for SOL as the network expands its practical use cases.
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