Solana Price Forecast: Current Demand too Weak to Flip $160 Resistance

Since Solana hit $159 level on Monday, demand the SOL has nosedived both in the spot markets and derivative futures contracts.

Solana (CRYPTO: SOL) demand in the spot and derivatives markets has taken a hit following a strong rally that saw the token reach $159 on Monday.

Solana trading volume has seen a steep decline since hitting $6.02 billion on Monday. The figure fell as low as $4.76 billion at the close of Oct. 18, reflecting a $1.26 billion dip.

Solana’s Open Interest also posted a significant decline. From $2.51 billion on Oct. 15, the figure dropped to hit $2.37 billion on Oct. 18.

Solana’s demand in both the spot and derivatives markets took a major dip despite Solana memes racing up the top gainers charts.

This explains why Solana’s bullish momentum weakened and stagnated below the $160 level, despite Bitcoin (CRYPTO: BTC) and other top-ranked Layer-1 coins advancing to new peaks.

Without an uptick in demand, Solana’s price consolidation phase may persist over the weekend, with bulls awaiting the next major positive catalyst.

Solana Price Forecast: Current Demand Too Weak To Flip $160 Resistance

Solana price is currently range-bound between $150 and $160, facing strong resistance at the $160 mark, which has acted as a ceiling for three consecutive weeks now.

In terms of short-term price action, Solana’s main resistance level is marked by the R1 pivot point at $159.39. Until SOL price breaks through that key psychological $160 resistance, reversal risks remain active.