Solana Surges 36% but Faces Bearish Resistance
Key Takeaways
Solana (SOL) experienced a significant price increase of approximately 36% over the past week – rising from $95.26 to around $130. Despite this recovery, the broader trend over longer timeframes remains negative. Technical indicators and on-chain data suggest short-term optimism, but key resistance zones between $130 and $145 could hinder a sustained recovery.
Strong Weekly Surge – But Trend Remains Critical
Solana’s price climbed from a low of $95.26 to $130 within just a few days. At first glance, this appears to be a positive signal. However, the 3-day chart still shows a downward trend with lower highs and lower lows since January. The last significant resistance sits at $143. A breakout above this level would be necessary to truly reverse the trend.
On-Chain Data Shows Increased Interest
The number of active addresses has risen based on the 7-day average – an indicator of growing network activity. This metric is currently even higher than it was in early March, when SOL was trading at $144. At the same time, open interest (OI) – a measure of the volume of open positions in the futures market – has increased by approximately $1.5 billion since April 8. This points to heightened speculative interest.
Many Investors Still at a Loss – Selling Pressure Possible
Another indicator analyzes how many wallets purchased Solana at a lower price than the current one. This value has recently declined significantly – similar to late 2023, when SOL was trading at $40. This suggests that many investors are still in the red. A price climb toward $130–$145 could therefore be used to close positions at break-even, increasing selling pressure and making a sustained recovery more difficult.
Key Support and Resistance Zones
- Resistance: $130–$145 (especially $143 as the last significant high)
- Support: $120 (previous bottom formation), followed by $99 and $85
A breakout above $143 would be a clear signal of a trend reversal. If the price remains below this level, further pullbacks are likely.
Our Assessment
The recent price increase in Solana is a positive signal, but it should be viewed with caution. The broader structure remains bearish. Only a clear breakout above $143 could initiate a true trend reversal. In the short term, interest is high – both in the network and in the futures market. However, many investors may take this opportunity to minimize losses. For you as a trader or investor, this means: closely monitor the price action around $143. A sustained breakout could open up new opportunities – if it fails, caution is advised.
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