- 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.
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.
