Solana Technical Analysis: 15 APR 2025
Solana breaks out of the falling wedge pattern. Source: TradingView
General View
Solana has staged an impressive recovery in recent days, reclaiming a crucial weekly support level after forming a strong bullish divergence on the RSI. Price has also initiated a breakout from the falling wedge pattern, which further adds to the prevailing bullish sentiment. Despite heavy selling pressure in prior weeks, buyers have stepped back in with conviction, helping SOL stabilize above $125. Now going forward, as long as the price can hold this level, the structure favors the bulls.
On The Upside
Solana is now standing at an important junction. The breakout of the pattern and reclaiming the weekly level are both signs of strength and position SOL for a potential continuation higher. The reclaim of weekly support around $117 is significant, acting as a new demand zone. If buyers maintain their grip, the next upside target lies at the $145 to $150 region.
On The Downside
While Solana is now tilting towards a bullish bias, risks still remain if the price fails to push for a bullish continuation. A rejection here could open a retest of the reclaimed support at $117. This is where a good reaction is now expected, otherwise, the drop can extend towards $112 to $110 levels.
Solana’s weekly levels have now been reclaimed. Source: TradingView
