Solana Technical Analysis: 23 MAR 2025
Solana approaching the range highs at $135-$137. Source: TradingView
General View
Solana has steadily climbed in recent sessions, pushing towards the upper boundary of its established range. Bulls have shown resilience, maintaining support near the Range Mid-Point and gradually gaining momentum. Now, the price is approaching the Range High, a crucial resistance area where previous rallies have faced rejection. If buyers maintain strength and overcome this barrier, a significant breakout could be on the horizon.
On The Upside
The immediate resistance stands at $135-$137, aligning with the Range High. A strong close above this zone could trigger further upside, potentially driving Solana towards $140 and beyond. Bulls need sustained momentum and strong volume to confirm a breakout. If they succeed, the range expansion could set up Solana for a more extended bullish move. However, profit-taking near resistance cannot be ruled out, which may lead to short-term pullbacks before any decisive breakout.
On The Downside
Key support levels are positioned at $130 and $126. As long as the price holds above these levels, buyers remain in control. However, if Solana fails to sustain above the Mid-Mid Point, bears may attempt to drag it lower towards $116, the Range Low.
Price bouncing off the strong supports. Source: TradingView
