TLDR
- Solana (SOL) has gained 20% over the past week, now trading around $134
- SOL rebounded quickly after dipping to $96 amid market turbulence
- 71.87% of Binance traders are holding long positions on SOL
- A break above $147 could confirm a new bullish trend
- SOL needs to push above $150 to establish a higher high and shift the current downtrend
Solana is showing strong recovery signs after recent market turbulence. The smart contract platform has gained 1.34% in the past 24 hours and an impressive 20% over the last seven days.
SOL is now trading around $134, having bounced back quickly from a local low of $96. This swift rebound suggests growing investor confidence amid broader market uncertainty.
Market sentiment appears to be shifting toward bullish territory. According to data shared by analyst Ali, 71.87% of traders on Binance with open SOL positions are betting on continued upside.
71.87% of traders on Binance with open #Solana $SOL positions are betting on upward price movement! pic.twitter.com/aPnCb6JvjG
— Ali (@ali_charts) April 17, 2025
This overwhelming long positioning signals strong expectations for a sustained rally. Traders are watching closely to see if Solana can hold above $130 and extend its bullish momentum.
Technical Analysis Points to Potential Trend Shift
Solana is currently at a critical juncture that could determine its short-term direction. After weeks of selling pressure, bulls are attempting to regain control of price action.
The cryptocurrency has flipped bullish on the 8-hour chart according to analyst Crypto Seth. His analysis suggests that a break above the $147 level would confirm a trend shift and potentially pave the way for a sustained recovery.
$SOL 8H flip bullish and retest.
Breaking 147 would give us BOS. https://t.co/X1YcCMvqdP pic.twitter.com/jyD4fUkbxK
— Crypto Seth (@seth_fin) April 17, 2025
To establish a higher high and shift the current downtrend structure, SOL must push decisively above the $150 level. This area has served as a strong rejection point in previous attempts.
A clean breakout above this resistance could open the path toward higher targets and renewed investor confidence. Technical indicators suggest momentum is building for such a move.
SOL has already cleared several key resistance levels, showing growing strength on the charts. If it can hold current levels and form a higher low, the cryptocurrency appears set to challenge higher targets.
Market Pressures and Support Levels
Macroeconomic tensions continue to create a challenging environment for cryptocurrencies. Trade conflicts between the United States and China are intensifying, with both nations imposing aggressive tariffs.
This has created a high-risk environment across global financial markets. Altcoins like Solana are particularly vulnerable to such uncertainty.
Solana has lost 55% of its value since reaching its all-time high in January. This decline mirrors a broader crypto market correction that began as macroeconomic tensions escalated.
If bulls fail to defend the $125 support level, Solana may risk dropping back to lower demand zones around $100. The cryptocurrency must hold current levels to avoid a deeper correction.
The resurgence of meme coin activity may be contributing to SOL’s upward push. As speculative energy returns to the altcoin market, Solana often benefits from heightened trading on its fast and low-cost blockchain.
Reclaiming the $132-$135 range is crucial for short-term momentum. This zone could confirm the start of a recovery rally if bulls can maintain their pressure.
With key resistance levels already cleared and growing momentum on the charts, SOL appears positioned to challenge higher targets in the days ahead. The cryptocurrency needs to consolidate in the $130-$140 range before making another move upward.
Traders are now watching whether Solana can extend its bullish leg toward the $150 mark and beyond. Current price action suggests this is becoming increasingly possible.
Bulls must now show strength to avoid another pullback. The coming days will be critical in determining whether SOL can maintain its recovery momentum or face renewed selling pressure.
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