Solana Price Hovers Near Key Support — Could a Bullish Reversal Be Next?

Solana (SOL) trades near the lower boundary of its descending channel, suggesting a possible shift in market momentum toward a short-term rebound.

Bitwise’s BSOL product attracted consistent inflows through November, reflecting stronger investor preference for its low-fee structure and staking advantage.

According to polymarket the odds of Solana reaching a new all-time high before 2026 have fallen.

Solana (SOL) has regained a key support level as buying interest returns and inflows rise. This renewed optimism among traders could set the stage for SOL’s next move in the market.

Descending Channel Signals Potential Rebound Zone

Solana (SOL) has formed a descending channel marked by consistent lower highs and lower lows .This is a typical illustration of persistent selling pressure as traders maintain a cautious stance

The price now hovers near the lower boundary of this channel, suggesting a possible easing of bearish momentum.Analysts observe that a move around the $150–$160 range could represent a phase of consolidation before any upward attempt.

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A confirmed breakout above $175 and $180 resistance level could open the way toward $200–$230.

Market participants are closely monitoring volume activity. Rising buy-side participation near $135–$140 support, reinforced by an ascending trendline, could establish a firmer base

Conversely, a breakdown below that level may extend the current downtrend and delay recovery efforts.

Market Sentiment Weakens as Polymarket Odds Drop Sharply

According to SolanaFloor Polymarket data, the probability of Solana (SOL) reaching a new all-time high before 2026 has plunged to 6%, down from October’s 56%

This indicates a deterioration in trader sentiment across predictive markets.The chart showed sentiment peaks above 60% in October before a sharp collapse in November

The current 6% reading implies cautious outlooks among market participants as Solana trades below its historical $260 high

Despite this decline in confidence, predictive markets are often sentiment-driven and may adjust swiftly if DeFi expansion or network upgrades re-emerge.

Bitwise and Grayscale Products Show Investor Confidence

Initial allocations showed BSOL holding 222.9 units compared to GSOL’s 102.7, totaling 325.6 units. Over subsequent weeks, Bitwise’s product attracted consistent inflows, including 69.5 on October 28 and 65.2 on November 3, suggesting stronger market preference for its lower-cost structure

Grayscale’s GSOL saw smaller, less frequent inflows, pointing to restrained investor demand.By November 12, totals reached 344.3 for BSOL and 24.4 for GSOL, yielding 369 combined units, a 13% increase from the initial seed

That same day, inflows of 12.5 (BSOL) and 5.6 (GSOL) reflected renewed activity, hinting at portfolio reaccumulation after a brief slowdown.

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