- Solana rallies 20% and 14% after double bottom, stabilizing near $247–$248 with strong momentum.
- Breaking $250 triggered $37M liquidations, with analysts eyeing $255–$270 if support levels hold.
- Institutional demand and treasuries’ exposure reinforce Solana’s strength around $250 despite profit-taking.
Solana (SOL) showed strength after forming a double bottom and steady pullback, leading to sharp rallies of over 20% and 14%. These rallies pushed SOL toward $249.60 before slight resistance emerged. At present, SOL is holding steady in the $247–248 zone, suggesting buyers still retain momentum. At the time of writing, Solana was trading at $238.
Double Bottom Formation and Rallies
According to analysis prepared by BitGuru, Solana established a double bottom pattern after a corrective pullback. This setup triggered two sharp rallies, with the first adding 20.24% and the second extending gains by 14%. The bullish structure remains intact as SOL continues to hold above $240.
The rallies carried the token to $249.60, where resistance slowed immediate advances. Yet, price action stabilizing around $247–$248 suggests that buyers are still active. This level has become an important battleground, as holding above it could enable the market to retest higher zones near $255–$257.
Market data shows that breaking above $250 marked a clean technical shift, forcing liquidations worth around $37 million, according to SolanaFloor. Analysts note that a sustained close above $250 may open the way to $270 targets, reinforcing the current bullish outlook.
Institutional Support and Resistance Zones
Growing institutional demand has supported Solana’s price development, as more treasuries add exposure to SOL alongside existing crypto assets. This accumulation helps explain Solana’s ability to sustain near $250 despite heavy short positioning and partial profit-taking.
At the same time, traders are watching resistance around $250–$255 and immediate support near $230. MoreCryptoOnline reported that “as long as the $235 level holds, the blue scenario has a chance,” referring to the bullish continuation structure.
Institutional inflows reinforce confidence at key levels, while technical structures align with potential continuation toward $265–$270. For now, market observers remain focused on whether SOL can maintain its position above $247–$248, a zone that continues to attract strong buying interest.
