Solana Technical Analysis: 7 APR 2025
Solana weekly supports are likely to be breached. Source: TradingView
General View
The weekly support zone between $114 and $120 is now under threat, as Solana closed below this critical level, raising concerns of a deeper correction. This zone had acted as a strong base in previous weeks, but the recent breakdown suggests that sellers are gaining temporary control. However, all is not lost, as Solana is currently trading within a well-defined falling wedge. A bullish divergence is clearly forming between price and RSI, indicating that bearish momentum could fade if bulls reclaim a major resistance.
On The Upside
To regain short-term bullish momentum, Solana must reclaim the $115 to $120 weekly support zone. A break back into this range and successful consolidation above it would be needed to negate the bearish developments. There are additional intra-day resistances now for Solana at $110 and $112 levels.
On The Downside
If Solana fails to reclaim the broken support zone, the next key level to watch is the short-term support near $98.60. A breakdown below that area opens the door for a drop toward the next weekly support level between $80 and $82. However, sellers need to be cautious, as Solana’s oscillating indicators are currently in extremely oversold levels.
Solana is about to test the support levels of the descending pattern. Source: TradingView
