In the context of the cryptocurrency market undergoing a strong correction phase, Solana ( $SOL ) still shows some positive signals from both a technical perspective and institutional investment flows.
1. Current price and short-term trend
As of the morning of April 17, SOL is trading around 131.40 USD, noting a slight increase compared to yesterday's session. Although the overall market remains volatile, maintaining the important support zone around 125 USD indicates that buying pressure still persists at the bottom.
2. Technical analysis
The RSI index of SOL is currently around 35, in the oversold zone, indicating that a technical recovery may occur in the coming sessions.
On the price chart, SOL is gradually forming a 'round bottom' pattern, a typical bullish reversal pattern. This could open up opportunities towards the 145 USD region if trading volume improves.
The nearest resistance level is at 145 USD, while the strong support level is at 125 USD. If this support zone is broken, the price could drop further to the 110 - 115 USD range.
3. Market psychology and macro factors
The current Fear & Greed index is at 29 (Fear), reflecting investors' cautious sentiment amid unpredictable fluctuations. However, deep corrections are often ideal accumulation periods for long-term investors.
A bright spot comes from the fact that the first Solana ETF fund in Canada was officially launched on April 16. This event is viewed by analysts as a psychological boost, enhancing confidence in the long-term potential of the Solana blockchain.
4. Short-term forecast
If the current buying pressure is maintained and the market does not experience any unexpected negative fluctuations, SOL could retest the 135-137 USD region in the coming days, with a medium-term target around 145 USD. Furthermore, if the recovery momentum broadens and institutional money returns, a price level of 200 USD could be achievable in Q2 2025.
Conclusion:
Solana is facing an opportunity for short-term recovery, although market sentiment remains cautious. With support from technical factors and institutional investment flows, investors should closely monitor price movements around the 125 USD support zone, as this could be a potential buying point if a reversal trend is confirmed.
