Solana Shows Remarkable Resilience, Surpassing $150 Amidst Market Uncertainty
Amid global economic uncertainty, Solana (SOL) has proven its strength by bouncing back from April’s lows and setting new support levels above $150, despite the ongoing geopolitical tensions and evolving trade policies.
Solana has shown impressive recovery, rising 8% from its April 30 low of $140 to around $152, with trading volumes surging 35% in the past 24 hours. This surge comes as tensions between the U.S. and China escalate, impacting both traditional and digital asset markets alike.
On Thursday, the broader market index, CoinDesk 20, also gained around 4%, reflecting the positive momentum in the cryptocurrency space.
Technical Analysis Overview:
- SOL’s recovery follows a sharp 7.4% drop on April 30, when the price fell from $148.03 to $140.63, before rebounding to $152.69, setting new highs.
- The trading range for SOL during this period was 12.04 points (8.3%), with a strong support level at $140.65.
- Volume analysis indicates a surge in trading activity, with over 2.4 million units traded during the correction, followed by continued buying interest during the recovery phase.
- The price action is now forming an ascending channel, with resistance at $152.50 and support between the $148.50-$149.50 range, as per CoinDesk Research’s technical insights.
- Bullish momentum appears to be sustainable, with higher lows forming, suggesting potential continued growth toward the psychological $155 level.
- Over the last 100 minutes, SOL saw substantial volatility, dipping from $152.38 to $150.74 before a sharp V-shaped recovery to $152.49.
- Key support has been established at $151.10, where notable buying volume (44K+) emerged.
- A rally from $151.22 to $152.60 at midday coincided with the highest volume spike of the day (126K at 14:00), indicating robust institutional interest.
- The short-term ascending channel now shows resistance at $152.68, with support at $152.32. The $152.45-$152.50 range serves as immediate resistance, which will likely determine Solana’s near-term direction.
