Solana (SOL) is gaining attention in the market after rebounding from recent lows, currently trading at $140.02, up 2.60% in the last 24 hours. The price action suggests a possible breakout, but key resistance levels remain. A sustained breach of the $135.524 level could initiate a bullish trend, targeting $148.058 and potentially $161.97, last seen in July. Conversely, SOL may retest support around $127.60, posing short-term risks for traders.

On-chain data reveals that whales holding over $5 million in stablecoins control 61.63% of the total supply, indicating confidence in an upward movement. Recent liquidation data shows $1.91 million in short positions liquidated compared to $147.5K in longs, suggesting shorts are becoming cautious, which could fuel SOL's upward potential.

The long/short ratio is at 51.55% in favor of longs, indicating growing bullish sentiment, though 48.45% still bet against SOL. This divided market suggests volatility ahead. If SOL clears resistance levels, targets of $148.058 and $161.97 could be in sight, making it crucial for traders to monitor these developments closely.