SOL reclaims $141.19 support, forming a double base with eyes on breakout above $152 resistance.
MACD crossover and TD Sequential buy signal point to a potential V-shaped recovery pattern.
$50M in shorts liquidated as derivatives volume surges 65%, signaling growing bullish momentum.
Solana has reclaimed the key demand zone near $141.19, forming a potential double base structure on the daily chart. The breakout from the recent consolidation range suggests that bullish momentum may be building. Technical indicators point toward a developing V-shaped recovery pattern, with traders now watching for continuation above the $152 level.
Technical Indicators Support Breakout Structure
According to an observation by Gemxbt, SOL is showing signs of stabilization after a recent pullback. The asset is consolidating just above the $141.19 support zone, a level considered critical for maintaining bullish bias.
The MACD has shown early signs of a bullish crossover, while the RSI remains neutral with a slight upward slope. Solana is currently forming a double base, a pattern that often precedes a recovery phase.
https://twitter.com/VipRoseTr/status/1931440411223924826
A break above the $152 resistance could confirm this bullish setup, potentially leading to a rally toward $170. Above this zone, further resistance may appear at $200 and $218.40, according to daily FVG boundaries noted on the chart.
Momentum Builds as Derivatives Activity Spikes
According to data from CoinGlass, Solana saw a 65.11% surge in derivatives trading volume, while nearly $50.62 million in short positions were liquidated over the past 24 hours. This activity indicates that market participants are positioning for a directional move, with the long/short ratio favoring buyers.
Analyst Ali Chart shared that the TD Sequential indicator recently flashed a buy signal, suggesting that downward pressure could be easing. The MACD line is attempting to reverse from below the signal line, though volume confirmation remains crucial for sustained upside.
The support level at $141.19 remains the key structure invalidation point. As long as this level holds, analysts suggest short-term bias remains bullish. A move beyond $152 could mark the next phase of recovery.
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