Solana Technical Analysis: 30 MAR 2025
Solana is in a falling wedge pattern. Source: TradingView
General View
Solana is currently sitting on a key support zone, where bulls must show strength to prevent further downside. The price action hints at a potential double bottom formation, but confirmation depends on buyers defending this level and pushing higher. Additionally, the presence of a falling wedge pattern reinforces the possibility of a reversal, making this a crucial moment for the short-term trend. However, failure to hold support would leave Solana exposed to fresh selling pressure, potentially leading to lower levels.
On The Upside
Solana is expected to encounter multiple resistance levels before gaining strong bullish momentum. The first key hurdles lie at $128 and $132, where sellers may attempt to stall the recovery. If bulls manage to break through these levels, the next major resistance zones at $136.50 and $140 will come into play.
On The Downside
Solana has begun reacting to its intra-day support levels, a critical zone where bulls must hold their ground to prevent another bearish phase. Previously, it was highlighted that this is the area where buyers need to step up, and so far, they have shown some resilience. The key intra-day support lies between $122 and $120, and as long as these levels remain intact, Solana retains the potential for further upside movement.
Price is starting to react positively with the support levels. Source: TradingView
