- Solana forms a double-bottom near $141.56, with a breakout above $168 targeting $195.
- ETF approval odds for Solana hit 90%, boosting investor confidence and long-term interest.
- Solana DeFi TVL rose $860M in 5 days, supporting price strength at the $145 support zone.
Solana (SOL) is currently trading at $145.20, stabilizing after a sharp decline driven by broader market weakness and geopolitical tensions. According to Coinvo, SOL is now positioned at a critical support level. The next move depends on whether buyers can sustain this zone or risk another downturn.
Technical Indicators Signal Possible Reversal If Support Holds
Solana’s price recently bounced from $142 and reached $166 before falling again to its current level. This move placed SOL at the second leg of a possible double-bottom pattern around $141.56, which technical analysts consider a trend reversal signal. The neckline of this setup is around $168.
According to an observation by Gemxbt on X, the current market structure is forming a base around $146. Converging moving averages and bullish divergence on the MACD also suggest a potential reversal. The RSI is gradually recovering from oversold levels, which supports cautious optimism among traders watching this zone.
If SOL breaks above $168 with strong volume, the measured move from the double-bottom could push it toward $195. Additionally, a larger bullish flag structure is forming, and if confirmed, it could take the price to $241.
ETF Speculation and DeFi Activity Boost Long-Term Interest
On the macro side, ETF speculation continues to influence market sentiment. According to Polymarket, the approval odds of a Solana ETF in 2025 stand at 90%. This follows the filing of the Invesco Galaxy Solana ETF in Delaware, a development that could lead to long-term inflows if approved.
DeFi activity on the Solana network has also risen. As reported by DeFiLlama, the total value locked increased by $860 million over five days, reaching $8.81 billion. DEX volumes also nearly doubled, suggesting growing user engagement and liquidity. These factors support price stability as long as SOL holds above its key support.
