- Solana forms a double bottom with $135 support and $155 resistance, signaling a potential bullish reversal ahead.
- A breakout above $155 resistance may push Solana’s price toward $170–$195 based on technical projections.
- Current price movement shows consolidation, requiring confirmation to avoid the risk of false breakout signals.
- Rising trading volume and market interest could support bullish continuation if the breakout is confirmed.
Solana (SOL) is currently priced at $151.01 with a 24-hour trading volume of $2.44 billion and a market cap of $80.72 billion. Its price has climbed 3.52% in the past day and gained nearly 12% over the past week, highlighting increased trader interest.
Technical indicators now point toward the formation of a classic double bottom, often interpreted as a bullish reversal signal in market analysis.
The chart shows a distinctive “W”-shaped configuration and two troughs for prices around $135 and a peak between them around $155. Such a setup signifies that the asset is most likely coming out of a down phase and entering an up phase.
Investors observing such a pattern very intently must wait for a definitive breakout above the $155 resistance level before confirming the bullish scenario.
Also Read: Solana Price Prediction: Can SOL Reach $250 with Institutional Momentum Building?
Solana Highlights Reversal Signal and Key Resistance
The candlestick pattern signifies the psychology of repeated support testing and reappearing buying interests. The first and second bottoms formed around about the same cost level and established a firm base of support.
Between them, a rally toward $150–$155 created the resistance zone. As the price approaches this resistance, a breakout followed by a strong daily close above it would validate the double bottom pattern.
From there, a price target of $170 to $195 becomes technically viable based on the depth of the pattern. While volume data is not shown, a breakout with increasing volume typically adds strength to such moves.
Solana Traders Await Confirmed Breakout Signal
Although market tone remains bullish, traders should be careful. Entry too soon without confirmation could risk positions for pullbacks or fake-outs.
Structure on Solana remains constructive, however, a confirmed close above the level of resistance is still required for further upside.
Price action surveillance, volume on trades, and broader market trends will be paramount for traders wanting to profit from Solana’s next phase trend. The setup on charts holds promise but technical discipline will extract profit from risk.
Also Read: Solana Price Forecast 2025: Will SOL Hit $309 or Stay Below $150?