SOL's ETF-fueled surge to $160 reversed, technical weaknesses may trigger drop to $124.

From Cointelegraph

July 1, 2025 6:15:00 pm:

SOL’s 5% ETF-fueled surge to $160 was swiftly wiped out, highlighting technical weaknesses across various time frames. A key supply cluster at $144.5-$147.7 may trigger a drop to $124 or even $95-$100 if breached. Despite a short-lived rally, SOL’s failure to maintain key levels suggests bearish momentum persists.

SOL’s lower time frame struggles to stay above EMAs, failing to convert bullish formations into sustained uptrends. A drop below $137 could confirm a lower low, hindering bullish momentum. To reverse the trend, SOL must retest the $145-$137 demand zone and surpass $160.

On the higher time frame, SOL remains in a downward trend within a descending channel since May. Sensitivity to Bitcoin’s performance has hindered SOL’s progress, reflecting relative underperformance. A retest of $120-$95 is possible if the bearish trend continues, while a daily close above $160 could spark a bullish reversal.

SOL’s UTXO realized price distribution reveals a supply cluster from $144.5 to $147.7, indicating strong holder concentration. Support at $144 is crucial, with potential declines risking retests of lower support levels. Resistance at $157 poses a challenge for upward momentum, emphasizing the importance of defending the $144.5-$147.7 cluster.

Read more at Cointelegraph: SOL Sells-off As Traders Target $124