Solana Technical Analysis: 2 APR 2025
Solana is about to test the trendline resistance of a falling wedge. Source: TradingView
General View
Solana is starting to bounce back after holding onto the $126 support range, showing initial signs of strength. Bulls are now approaching a critical juncture as they test the falling wedge’s breakout levels. A decisive move above this structure could mark a short-term trend shift in favor of buyers, paving the way for higher levels. However, failure to break out could see price action remain trapped within the broader bearish formation.
On The Upside
The immediate test for bulls lies at the $138.20 to $139.50 levels. A region that failed as a support zone previously. Bulls will have a hard time surpassing this zone, however, strength above this zone will open the upside towards $144 and $150 next.
On The Downside
Solana will be testing an important resistance region shortly. If bulls fail the breakout, Solana would then see strong profit-taking once again which can drag Solana back to $128.30 and $126 levels once again. Meanwhile, this is a comfortable supportive range, however, if selling intensifies, Solana can slide to $122 to $120 range all over again.
Solana price chart for 2nd April 2025. Source: TradingView
