Solana forms a W-shaped reversal as analysts eye $150–$160 target after rebounding from $125.99.
ETF filings and rising DEX volumes boost bullish sentiment and support SOL's recovery potential.
SOL trades above key levels with MACD crossover and strong volume confirming breakout signals.
Solana (SOL) is showing recovery signs after falling to a major low of $125.99. Analysts are monitoring a developing W-shaped reversal pattern that may push the price toward the $150–$160 zone. At the time of writing, SOL trades at $147.02, gaining 3.48% over the last 24 hours.
Technical Setup and Breakout Signals Show Upward Momentum
BitGuru, a crypto analyst, noted that SOL is forming a W-shaped structure after rebounding from $125.99. This pattern may confirm a bullish reversal if price strength holds above the $145–$147 area. Analysts expect a breakout if the asset sustains movement toward the $150 level.
https://twitter.com/bitgu_ru/status/1938567590860792056
Gemxbt observed that SOL recently broke above the $146 resistance level. The MACD printed a bullish crossover, while volume showed strong accumulation. RSI is nearing overbought levels, suggesting short-term pressure may slow, but upward momentum remains strong.
SOL's price has also stayed above the middle Bollinger Band, currently near $145. This has historically marked turning points in Solana’s price trend, signaling strength when paired with increased volume.
On-Chain Trends and ETF Optimism Reinforce Bullish Case
The filing of multiple spot SOL ETFs by firms like Invesco Galaxy and VanEck shows rising institutional interest. Polymarket data gives a 74% chance of ETF approval by July. This may drive higher demand for SOL as investors anticipate formal adoption.
DeFiLlama data shows Solana reached $64 billion in 30-day DEX volumes, ranking just behind BNB Chain. This growth supports higher usage of the blockchain, particularly amid falling meme coin activity.
Additionally, Wyoming plans to use Solana for a state-backed stablecoin project, supporting real-world utility. If SOL flips resistance at $152 and $159 into support, analysts believe the path to $164 and $187 becomes more likely.
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