Solana has been leading the major-cap crypto segment over the past 24 hours, jumping more than 10% to climb back above $140.

The move has renewed optimism among traders, with the rebound pushing SOL above a key downtrend level and signalling improved short-term momentum.

The broader backdrop, however, remains fragile. Market sentiment is still weighed down by uncertainty ahead of the Federal Reserve’s upcoming policy decision, and the latest bounce leaves open the question of whether Solana’s strength reflects genuine accumulation or a temporary relief move.

Altcoins have bounced alongside Bitcoin and other risk assets, with technicals showing a clearer improvement over the past 24 hours.

Solana has been one of the standouts. The token has surged more than 10% in the period, climbing to fresh highs above $142 after sliding to $123 earlier in the week.

The rebound puts SOL back on firmer footing in the near term, though the broader market tone remains a key driver of whether the momentum can hold.

SOL now trades above the resistance line of a multi-month falling wedge on the daily chart.

It’s the first time the top 10 crypto by market cap has broken above the trendline since October 30, 2025.

Both the MACD and Relative Strength Index are also flashing bullish signals.

The MACD line has crossed above the signal line with expanding green histogram bars.

Meanwhile, the RSI has climbed from the oversold line and is upsloping at 47 to signal a potential strengthening.

Short liquidations rose amid the price jump.

SOL LIQUIDATIONS: In the last 24 hours, nearly $60M in $SOL short positions were liquidated as SOL surged back above $140. Onchain liquidations via @Solana-based perps ($39M) surpassed those on CEXs, with only $19M liquidated on centralized exchanges.

Immediate resistance sits in the $143–$155 zone, an area that acted as a key supply wall in July and a notable support area in August.

A decisive daily close above $160 mark, where the 50-day simple moving average currently sits, would invalidate the medium-term bearish structure.

Bulls managing an uptick will open the path toward $180 and potentially $200.

Despite the sharp rebound, most institutional desks remain cautious. That’s because the broader cryptocurrency market continues to trade in an indecisive pattern while investors await clearer macro direction.

For example, while Bitcoin has stabilised in the mid-$90,000 region after a surge on Tuesday, open interest remains flat.

Analysts see this as a sign of consolidation rather than distribution or decisive accumulation.

In this case, altcoins, including Solana, are likely to take their cue from BTC in the near term.

Analysts at QCP Group say the upcoming Federal Reserve meeting could provide for a relief rally.

However, the upside appears capped until fresh catalysts emerge, the Singapore-based firm said in a note on Wednesday, December 3, 2025.

“$BTC stability feels fragile. With macro catalysts muted and Fed leadership uncertainty building, digital assets remain in pause mode until policymakers deliver the next decisive signal.”

With the market caught between the short-term technical optimism and medium-term macro caution, Solana’s 10% surge could be critical for bulls.

A move above $160 will likely strengthen if macro tailwinds align.

Bitcoin spiking to above $100,000 could also bolster traders. SOL’s ability to hold the $135–$138 zone is thus a key litmus test for bull credibility.

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