Solana Technical Analysis: 5 APR 2025
Solana is back into its previous ranging structure. Source: TradingView
General View
Solana is hovering around a key weekly support zone, showing early signs of a potential double-bottom formation. Recent price action suggests that sellers attempted to push SOL lower, but buyers have managed to hold the line, preventing a deeper slide. If this emerging resilience persists, Solana may confirm a potential lower deviation. However, the market remains cautious, with bulls needing a convincing continuation to shift the momentum.
On The Upside
If Solana continues to hold the weekly support range, a push toward the neckline resistance at $135 to $140 levels remains possible, which could solidify the double-bottom scenario. However, for the session reclaiming the range mid-point at $125.70 can be a game changer. If the price finds acceptance above this level, it would open the range towards $136 in the short term.
On The Downside
Solana now once again has a handful of intraday supports. The primary support lies at the range lows between $116.20 and $115.50. Additionally, there is another intraday support at the $120.70 level. As long as these levels hold, bulls will have the upper hand and could drive prices higher over the coming hours.
Solana is honoring its weekly support levels. Source: TradingView
