SOL
Solana ‘Must Break Descending Resistance’ To Regain Bullish Momentum – Analyst
Solana is trading above a critical demand level of around $157, showing signs of a potential bounce after a recent pullback. This critical level has held firm despite market volatility, and now all eyes are on Solana as it attempts to regain bullish momentum.
With the U.S. election unfolding and the Federal Reserve’s interest rate decision just around the corner, this week promises to bring heightened volatility across the crypto market.
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Top analyst and investor Carl Runefelt has shared a technical analysis indicating that Solana must break above a key resistance level in the coming days to regain a strong uptrend. Runefelt notes that this resistance has kept the price in check, and a breakout likely leads to renewed optimism for SOL investors.
However, the risk of further downside remains if Solana fails to secure a position above this critical resistance. As these significant macro events unfold, Solana’s next moves will be closely watched, as breaking resistance could signal a larger rally in the near term.
Solana Trading Within Bullish Pattern
Solana has been a standout performer in this cycle, showing resilience as it holds above a crucial support level that previously acted as resistance. This pivotal moment could determine Solana’s near-term trajectory as it battles to reclaim bullish momentum.
According to top analyst Carl Runefelt, who shared insights on X, Solana faces a critical test at a descending resistance level that has consistently capped its gains. Runefelt’s technical analysis, focused on the 2-hour SOL chart, highlights this resistance around the $164 mark.
He suggests a confirmed breakout above this level would likely propel Solana higher, signaling a return to bullish price action.
However, there’s potential for sharp price swings this week, with the U.S. election and Federal Reserve interest rate decision creating an environment ripe for uncertainty and market manipulation. These macro events have the potential to significantly impact Solana’s movement, making the resistance break even more critical.
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If Solana breaches this resistance and establishes support above $164, it could attract bullish sentiment, pushing the altcoin toward new local highs. However, failure to do so could lead to increased selling pressure and a risk of a retracement, especially if broader market volatility intensifies. As such, the upcoming days will be crucial for Solana’s path forward, with traders and investors closely monitoring this key level.
SOL Price Action: Key Levels To Watch
Solana (SOL) is trading at $161 after a recent bounce from local lows at $155. This move has established a strong support base of around $155, which has proven crucial in holding off further downside.
For bullish momentum to take hold, SOL now needs to clear the $165 resistance level, which would confirm the potential for upward price action. A sustained push above $165 could signal strength and encourage buyers, paving the way for further gains.
However, a retracement is likely if SOL fails to break above this critical level. In this scenario, the price could fall back to the subsequent demand zone around $150, which aligns closely with the 200-day moving average (MA). The 200-day MA is a widely observed indicator and often acts as a strong support level in technical analysis, reinforcing the $150 zone as a potential floor.
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This consolidation phase places SOL in a pivotal position, with price direction largely dependent on its ability to overcome $165. As traders watch closely, this technical setup suggests that SOL’s next move will likely define its short-term trend, with $150 as a key fallback level if the bullish case doesn’t materialize.
Featured image from Dall-E, chart from TradingView
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Solana started a fresh increase from the $132 support zone. SOL price is now consolidating and might climb further above the $155 resistance zone.
- SOL price started a fresh increase above the $135 and $150 levels against the US Dollar.
- The price is now trading above $150 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $150 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if it clears the $155 resistance zone.
Solana Price Gains Over 10%
Solana price formed a base above the $132 support and started a fresh increase, like Bitcoin and Ethereum. SOL gained pace for a move above the $135 and $145 resistance levels.
The pair even spiked toward the $150 resistance zone. A high was formed at $154.55 and the price is now consolidating gains. There was a minor move below the 23.6% Fib retracement level of the upward move from the $145 swing low to the $155 high.
Solana is now trading above $150 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $150 on the hourly chart of the SOL/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $145 swing low to the $155 high.
On the upside, the price is facing resistance near the $154 level. The next major resistance is near the $155 level. The main resistance could be $162. A successful close above the $162 resistance zone could set the pace for another steady increase. The next key resistance is $175. Any more gains might send the price toward the $180 level.
Pullback in SOL?
If SOL fails to rise above the $155 resistance, it could start another decline. Initial support on the downside is near the $150 zone. The first major support is near the $145 level.
A break below the $145 level might send the price toward the $138 zone. If there is a close below the $138 support, the price could decline toward the $132 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $150 and $145.
Major Resistance Levels – $155 and $162.
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Altcoins
XRP, Solana, DOGE and Others Among 72 Different ETF Applications Waiting for SEC Approval: Report
Crypto firms are now waiting to hear back on 72 active applications for new crypto-related exchange-traded funds (ETFs).
James Seyffart, an ETF analyst at Bloomberg Intelligence, compiled the list of submissions to the U.S. Securities and Exchange Commission (SEC).
ETFs awaiting approval include funds tied to Solana (SOL), XRP (XRP), Sui (SUI), Litecoin (LTC), Axelar (AXL) Hedera (HBAR), BNB, Cardano (ADA), Avalanche (AVAX), Dogecoin (DOGE), Polkadot (DOT), Aptos (APT), Chainlink (LINK), Pudgy Penguins (PENGU), Official Trump (TRUMP), Melania (MELANIA) and Bonk (BONK).
Other potential new ETFs are tied to a basket of currencies, and a few are based on Bitcoin (BTC) and/or Ethereum (ETH), assets that have already been approved for inclusion in other spot ETFs.
Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, predicts that BTC ETFs will remain dominant regardless of the number of altcoin funds that are approved.
“No Second Best? Bitcoin ETFs command 90% of all the crypto fund assets globally. While a TON of alt/meme coin ETFs are likely going to hit market this year, they will only make a minor dent, Bitcoin likely to retain at least 80-85% share long-term.”
The SEC greenlit the first spot market Bitcoin ETFs in January 2024, bringing in billions of dollars worth of inflows to the top digital asset by market cap, and the regulator subsequently approved Ethereum ETFs for trading last July.
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24/7 Cryptocurrency News
Solana Price Targets $250 as SOL Strategies Unveils $500M Convertible Note to Buy SOL
Solana price is on the rise, and analysts observe trends that may propel it to the $250 mark. This is an optimistic prediction following SOL Strategies, a listed Canadian company that deals in the Solana ecosystem, announcing that it has secured a $500 million convertible note deal with ATW Partners to boost its SOL holdings and staking activities.
$500 Million Convertible Note Structure To Buy SOL
SOL Strategies has secured what it describes as a “first-of-its-kind” convertible note facility with ATW Partners. According to the announcement, the $500 million facility will be implemented in multiple tranches. This starts with a $20 million closing expected to occur around May 1, 2025. This is subject to customary closing conditions.
BREAKING: SOL Strategies secures landmark USD $500M convertible note facility with ATW Partners to expand SOL holdings.
This first-of-its-kind structure is exclusively for SOL purchases and staking on our validators, with interest paid in SOL.
This represents the largest… pic.twitter.com/p9SB4dRm6o
— SOL Strategies (CSE: HODL | OTCQX: CYFRF) (@solstrategies_) April 23, 2025
The facility is designed basically for the Solana ecosystem. Also, all capital will be exclusively allocated to purchasing SOL tokens. These tokens will then be staked on validators operated directly by SOL Strategies.
The announcement comes at a time when the Solana price has reclaimed the $150 level. SOL has pumped close to 18% in the last seven days.
In a notable element of the agreement, interest on the notes will be paid in SOL tokens rather than fiat currency. This interest will be calculated as up to 85% of the staking yield generated by the SOL acquired through the facility.
Technical Analysis Points To $250 Solana Price Target
Technical analysts are observing bullish patterns on Solana price charts that are indicative of a possible run-up to the $250 level. The SOL/USDT chart shows a definitive breakout from a falling wedge pattern. This is identified as a bullish indication of a price increase in technical analysis.
Analyst Luciano_BTC has shared some important changes on the chart. They are a “Falling Wedge” pattern that has shifted higher with a clean “Trendline Breakout.” The chart from the analyst also displays a potential target of +50% Uptrend.
Called it – pumped it.
$SOL is the easiest trade of the century.
In my opinion, more green candles are coming.
NFA. https://t.co/MRjTpSy9ij pic.twitter.com/HXYbgwBR58
— Lucky (@LLuciano_BTC) April 23, 2025
Technical analyst Christiaan concurs with this technical outlook. He just tweeted that the Solana price is heading to $250. Another analyst, Lucky, expressed strong conviction about Solana’s prospects. He called it the easiest trade of the century and predicting more green candles are coming.
The technical configuration shows SOL finding support at a point known as a Demand Zone, which Luciano_BTC identified, prior to starting its current rally. The chart shows a number of possible points of resistance to $250, with targets towards $180 and $220 before reaching the final destination. CoinGape has also analyzed and shared their price prediction for Solana, which shows that SOL is 49% bullish.
Vignesh Karunanidhi
Vignesh Karunanidhi is a seasoned crypto journalist with nearly 7 years of experience in the cryptocurrency industry. He has contributed to numerous publications, including WatcherGuru, BeInCrypto, Milkroad, and authored over 10,000 articles
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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