Dear friends and followers on Binance Square, hello 👋🏻 I will update you in this article on the latest developments regarding SOL
🔴 The post was published on Coinpedia Fintech News 🧾
Solana (SOL) is about to reach the $145 level, and here's why first
It seems that SOL, the native token of the Solana blockchain, has started to change its downward trend in the market after a noticeable drop in its price over the past few days. On April 4, 2025, following Treasury Secretary Scott Bisent's bold statement that 'Bitcoin has become a store of value,' the cryptocurrency market, in general, witnessed a significant increase.
Current price momentum
Under these circumstances, the SOL coin has recorded a price increase of over 8% in the past 24 hours, currently trading at around $123. During the same period, its trading volume decreased by 9%, but it appears to be in the process of recovery as the market continues to maintain its upward trend following Bisent's statement.
This bullish momentum was recorded when the SOL price retested the critical support level at $114.
📊 Technical analysis of Solana (SOL) stock and upcoming levels
According to specialized technical analysis, it appears that SOL is forming a bullish price action pattern with two bottoms on the daily timeframe. However, the pattern is not yet complete, as the daily chart currently shows one leg with two bottoms at the key horizontal support level of $114.
Source: Trading View
In addition to the bullish price action pattern, the daily chart for SOL has also formed a bullish divergence, indicating that the asset is poised for a significant upward rise.
Based on recent price movements and historical momentum, if the SOL price remains above the $114 level, there is a strong likelihood that it will rise by 18% to reach $144.5 - or even higher in the future.
Key liquidation levels
This shift in sentiment and the strength of the bullish momentum for SOL expose short positions worth $11.5 million to the risk of liquidation, according to on-chain analytics firm Coinglass.
Data reveals that traders currently have excessive leverage, with key levels at $121.3 on the downside and $124.1 on the upside, holding long and short positions worth $31.45 million and $11.50 million, respectively.
While examining the on-chain metrics, it appears that the bulls have returned and are currently dominating the assets.