- Solana rebounded 30% to $156 after a 20% drop, with trading volume surging from 10M to 25M SOL.
- Analysts predict SOL consolidating between $120 and $180, with active addresses spiking from 50K to 75K, boosting bullish momentum.
- Key resistance is at $201.70; a breakout could drive SOL to $230.49. The RSI at 24.41 signals oversold conditions.
Solana (SOL) staged an impressive recovery, bouncing 30% after experiencing a sharp 20% decline. CrypNuevo highlighted that SOL revisited a marked range, slightly dipping lower before rebounding. This move presented additional entry opportunities, reinforcing expectations of a $120-$180 trading range for the coming weeks.
As of this writing, SOL is trading at $169. This recent downtrend coincides with the upcoming unlock of 11.2 million SOL tokens. This development has sparked concerns about a potential sell-off, raising speculation about how Solana’s price might react as the token unlock approaches.
Potential New Highs for Solana Ahead
On March 2, 2025, Solana experienced a sharp 20% drop, plunging from $150 to $120 before staging a swift 30% rebound to $156 within 24 hours. The dramatic price action coincided with a surge in trading volume, skyrocketing from 10 million SOL to 25 million SOL, signaling intensified market activity.
CrypNuevo predicts SOL may consolidate between $120 and $180, though deviations remain possible. Traders are eyeing key invalidation levels while rising liquidity in SOL/USD, SOL/BTC, and SOL/ETH pairs highlights growing investor interest. This suggests a dynamic market phase ahead for Solana.
On-chain metrics further reflect Solana’s volatility. Active addresses spiked from 50,000 to 75,000, while transaction volumes surged 30%. This uptick in network engagement strengthens the case for sustained bullish momentum, potentially propelling SOL to new highs in the coming weeks.
Potential Breakout Toward $230.49
Despite recent price action, SOL has faced significant downturns, dropping 24.44% over the past week and 47.68% in the past month. However, the nearest support level sits at $144.12. A break below this could lead to further declines toward $115.33, while the key resistance level at $201.70 remains crucial for a trend reversal.
Technical indicators suggest SOL may be oversold. The Relative Strength Index (RSI) stands at 24.41, below the oversold threshold of 30, while the Stochastic oscillator reads 13.42, further signaling potential recovery. The Moving Average Convergence Divergence (MACD) remains bearish at -6.14, while the 10-day SMA is $138.12, and the 100-day SMA is $164.38.
The recent 20% correction offered a buying opportunity, with the following 30% pump validating this entry point. Increased trading volume, coupled with strong on-chain activity, suggests market participants are closely monitoring SOL. If bullish momentum continues, a breakout above $201.70 could push SOL toward $230.49, significantly recovering from current levels.
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