Solana (SOL) recently experienced a notable price surge, reaching a peak of $170. However, this increase was met with strong resistance, leading to a pullback that has raised questions about the sustainability of its upward momentum.

Currently, the price stands at approximately $161, with key resistance levels identified between $170 and $175. On the other hand, support levels are positioned at $150 and $140. Recent trading activity has shown a spike in volume, indicating significant investor interest. Yet, the rapid rejection of the price suggests that much of this volume was driven by profit-taking rather than new investments.

This situation has created a sense of indecision in the market. The failure to maintain levels above the 26-day Exponential Moving Average (EMA) points towards a bearish outlook, raising the possibility of further declines if resistance levels are not breached. A sustained move above $170 could shift market sentiment positively, potentially leading to additional gains.

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