Solana (SOL) could be headed into a period of consolidation after recently peaking at $154. With overhead pressure, Solana might be set to stop its bullish momentum. At the same time, lesser-known altcoins such as Litecoin (LTC) have been experiencing massive upticks in their value. Futures investors are watching Solana closely as it approaches $148. Retest of $140 Support Level They have been expecting that $140 support level would be retested soon.

Solana's Current Market Position

Solana’s comeback from such deep losses could mark the beginning of a new uptrend for SOL. Having touched $154 earlier, the digital currency has dropped back under the $150 level to hover around $148. This increase indicates a reversal from overhead pressure, which could put the market into a consolidation period.

Technicals Analysts now believe SOL will retest the $140 support level. A bullish breakout pattern would aim for $176, marking the most positive scenario.

Technical indicators further support the consolidation theory. MACD exhaustion and overall declining bullish volume are indicative of a weakening bullish trend. These are the reasons why we believe Solana should cool off before launching their next big move.

Factors Influencing Solana's Outlook

Even with the possible consolidation of layer 1 players, Solana’s future looks bright due to strong fundamentals. The cryptocurrency has attracted deep institutional interest that signals long-term confidence in its future.

Solana benefits from high APY staking, with rates rising to 18% solving the Solana investor base chasing passive income. Plus, Solana offers no transaction fees, which is great news for anyone who trades regularly.

Security is another key strength for Solana. A recent security audit performed by BlockSAFU gives investors peace of mind when it comes to the platform’s security and robustness.

Litecoin's Impressive Surge

Even as Solana continues through its period of consolidation, Litecoin has made a significant case for the bullish move. The cryptocurrency skyrocketed more than 35% in less than 48 hours.

Litecoin’s second wind comes on the heels of a recent bounce off long-term channel support around $63. Even still, this bounce from the lows has certainly stoked bullish sentiment and sent prices flying higher.

Fibonacci retracement levels indicate short-term targets ranging from $101 and $110 for Litecoin. Calling these levels some of the first potential resistance points that Solana could face in its quest higher.