- Solana breaks out of a long-term descending channel and eyes $150 resistance as momentum shifts decisively bullish.
- RSI at 55.71 signals neutral-to-bullish momentum, supporting the case for continued upside without immediate correction risk.
- Galaxy Digital’s $79.7M SOL withdrawal and staking reflect rising institutional confidence and long-term bullish positioning.
Solana (SOL) is showing renewed strength following a breakout from a descending channel that capped its momentum for months. The asset surged past the channel’s upper boundary in early April, confirming a bullish reversal. Currently, SOL trades at $134.65, with traders eyeing the key resistance zone between $138 and $150. This critical level aligns with prior support zones from February and March 2025, now acting as a resistance block. Consequently, the market is watching for a break above $150 to validate further upside potential. Moreover, Galaxy Digital’s recent accumulation of SOL underscores growing institutional confidence.
Bullish Breakout Validates Market Shift
From January to April 2025, SOL consistently traded within a falling wedge pattern. Lower highs and lower lows defined this bearish phase. However, the breakout above this formation marked a pivotal turning point. A strong bullish candlestick fueled the breakout, suggesting a shift in sentiment.
Additionally, after breaching the resistance, SOL entered a short consolidation phase. This move positioned the price just above the prior descending channel. It reflects market participants reassessing value levels. Hence, traders expect this consolidation to serve as a launchpad for the next rally.
The Relative Strength Index (RSI) supports this bullish narrative. Currently sitting at 55.71, the RSI indicates neutral-to-bullish momentum. Furthermore, it confirms that SOL is neither overbought nor oversold. This provides more room for upside movement without triggering immediate corrections.
Key Resistance Ahead as Institutions Accumulate
The $138–$150 zone presents a key challenge. This range reflects a former accumulation area that now acts as resistance. A successful break above this level will likely open the path toward the $180–$200 supply zone. This upper region previously caused multiple rejections during January’s rally. Hence, reclaiming this range would solidify SOL’s bullish trend.
Meanwhile, Galaxy Digital’s recent actions add fundamental support. Over four days, it withdrew 606,000 SOL worth $79.7 million from exchanges and staked 462,000 SOL. This move reflects strong confidence in long-term price appreciation.
