Solana's technical framework echoes prior 60% surges, yet a breakout relies on a $125 milestone.
Solana Steady at $112 Support, Bullish Trend Emerging
Solana (SOL) finds itself at $112.75, holding firm despite a 5.29% dip for the day. The cryptocurrency's prolonged connection with an ascending trendline suggests robust underlying support, fuelling anticipation for future price movements.
Tech Analysis on TradingView
SOL's movement on TradingView reflects an ascending channel that gained traction from late 2023 to April 2025. Multiple touchpoints with the support line near $112 have resulted in impressive volumetric responses and bullish reactions. The channel's upper boundary hovers around $300 to $400.
Checking the RSI and MACD, it seems that momentum is weakening. With an RSI at 41.46, we're approaching oversold territory, while the MACD line stands at -7.45 and the signal at -7.11. This contraction indicates reduced bearish pressure, hinting at a possible shift in market momentum.
Trading Volume Patterns
Linear increases in volume have characterized the six support zones. This consistent pattern strengthens the $112 support, marking its significance as a potential accumulation area for large-scale investors.
Employing Fibonacci retracement from the $400 peak to the $100 trough, we identify critical resistance levels. The 0.382 retracement lies around $200, while the 0.618 level hovers near $290. These levels serve as crucial checkpoints for any substantial recovery.
Ted Pillows' Market Insights
Market analyst Ted Pillows states that SOL has tumbled over 60% from its January highs, with the revelation of post-capitulation behavior. According to his assessment, $130 is a critical inflection point linked to multiple multi-week bursts via historical price analysis.
Ted Pillows has been monitoring the descending trendline originating from January's peak, which currently intersects at $125. Repeated failed rallies have solidified resistance at this level, but a break above $125 could potentially rekindle bullish sentiment.
On the plus side, Ted Pillows attributes growing optimism to the Firedancer upgrade for Solana and the proposed ETFs. Expanding DEX volumes and a 140% increase in stablecoin supply indicate strengthening on-chain fundamentals, providing technical impetus for a bullish scenario.
Ted Pillows points out that SOL's repeated volume spikes at support closely resemble earlier 60-100% rally zones, forming at the confluence of ascending trendlines. These patterns fuel his confidence, contingent upon a breakout confirmation.
Crypto Market | Cryptocurrency | Solana Price
Enrichment Insights
Current market analysis shows that Solana (SOL) encounters a blend of positive and uncertain signs in the short-term:
Short-Term Technical Signals
- Emerging bullish tendencies with SOL rebounding from April lows and showing growing support above $150[2].
- Important technical indicators display stability, with increasingly higher lows and a recent close above the 50-day SMA hinting at a breakout to $180[4][5].
Price Predictions
- May 2025 estimates:
- Longforecast projects a rise from $289 to $335 by month's end, with possible price volatility between $289-$358[3].
- Coin Price Forecast suggests a more conservative trajectory with SOL ending 2025 near $199[1].
- Long-term outlooks:
- Numerous models anticipate SOL reaching $300-$500 by 2026 and $700-$1,000 by 2032-2036[1][3].
Market Sentiment
- Resilience amid macro uncertainty: SOL climbed 8% despite ongoing US-China trade tensions and broader market turmoil[2].
- Heightened trading volume: A 35% surge in day-to-day activity underscores burgeoning institutional/retail interest[2].
To sum up, Solana (SOL) exhibits technical strength with increasing bullish indications, albeit short-term predictions demonstrate divergence between $140-$335. Long-term optimism remains prevalent across most models.
- Market analyst Ted Pillows observes a potential break above $125 for Solana (SOL), which could rekindle bullish sentiment, considering it intersects with a descending trendline from January's peak.
- Growing optimism towards Solana's future can be attributed to the Firedancer upgrade, the proposed ETFs, expanding DEX volumes, and a 140% increase in stablecoin supply, according to Ted Pillows.
- Repeated volume spikes at Solana's support levels closely resemble earlier 60-100% rally zones. These patterns, combined with strengthening on-chain fundamentals, provide technical impetus for a bullish scenario, as suggested by Ted Pillows.
- Despite weakening momentum as indicated by RSI and MACD on TradingView, the prolonged connection of Solana with an ascending trendline suggests robust underlying support, signaling ongoing bullish tendencies for the crypto asset. This support might lead to future price movements or accumulation among large-scale investors, as illustrated in the defined support zones exhibiting linear increases in volume.
