- Solana rose from $130 to $133 before pulling back to $128, still up 9% over the past seven days.
- Analysts forecast a rally to $180 if SOL closes above $120 weekly resistance.
- Open Interest rose 8.13% with $14M in short liquidations, signaling bullish market sentiment.
Solana (SOL) began trading at $130 on April 13 and advanced past $133 in the early hours of the session, supported by a broader market recovery in the crypto market. However, the rally lost steam, pulling the price back down to around $128. Despite the pullback, it has recorded a nearly 9% gain over the past seven days and a 3.35% increase over the past month, indicating underlying bullish sentiment.
Analyst Momin has expressed a positive outlook on Solana, forecasting a potential price rally towards $180 in the near term. He emphasized the importance of the weekly close, stating: “If we see $SOL close above $120 on weekly, expecting it to visit $180 in coming weeks!” According to Momin, achieving this technical milestone could act as a catalyst for a sustained price increase.
Additionally, Momin shared a chart that shows it has broken above the upper boundary of a descending trendline. This breakout is considered by market observers as a sign of strengthening bullish momentum, potentially paving the way for a price movement towards $257 if current conditions continue.
Solana Poised for Multi-Week Climb
Another analyst, Ansem, has supported a similar forecast, predicting that Solana could experience a 39.53% increase, taking it up to $180. Ansem’s analysis, based on the daily timeframe, also places significant importance on a decisive weekly close above the $120 level. Should Solana achieve this, he suggested that a “multi-week rally” may follow, which could eventually lead to new all-time highs.
In a separate update published on April 13 on CoinMarketCap, analyst Lingrid pointed out that it has exited a falling channel on the 4-hour chart. “I expect $SOL to continue to grow,” she stated, reinforcing the prevailing view among market analysts that the current technical conditions support further upside.
The derivatives market has also reflected heightened interest in Solana. Open Interest in the asset increased by 8.13%, pointing to greater participation from market traders. Meanwhile, $19.34 million in positions were liquidated over the last 24 hours, with $14 million of those stemming from short positions. This sharp imbalance indicates short covering activity, which may contribute to increased volatility and price gains.
Furthermore, the Open Interest-weighted funding rate for Solana stands at 0.0064% on an 8-hour interval. This positive rate shows a slight premium for long positions, reinforcing the broader bullish outlook among derivatives traders.
Solana’s Indicators Signal Uptrend Ahead
Solana’s technical indicators further align with this market sentiment. The asset is nearing the upper range of the Keltner Channel at $145.37 after reclaiming the midline at $122.85. Its movement away from the lower consolidation range near $100.32 suggests a reversal in trend and a possible continuation of upward momentum.
The MACD recently registered a bullish crossover supported by a strengthening histogram. The Relative Strength Index (RSI) currently reads at 51.89, which reflects a neutral-to-bullish stance. The RSI’s recent move above its signal line suggests a building upward trend.
The Chaikin Money Flow (CMF) also turned slightly positive, recording a reading of 0.01. Although this level is not yet strong, it does indicate a shift toward capital inflow, supporting the broader case for a sustained recovery..
With multiple technical and market signals aligning, analysts continue to maintain a positive outlook on Solana. A decisive close above $120 could confirm the beginning of a broader rally, potentially pushing the price as high as $180 in the coming weeks.
Related Readings | Ethereum Reclaims $1,574 Support, Eyes $1,810 as Next Resistance Level
