Solana SOL’s bottom indicator is a recurring signal (SOLThe token () has been flashing on the weekly chart. SOL’s rally in 2023 saw a gain of 1,604%. In 2025 the altcoin had gained 142%.
SOL spot and futures data indicate a gradual increase in the market’s activity. The price is approaching an important weekly level, which may strengthen the bullish bias.
WebTrend is a cryptocurrency analyst. highlighted The pattern of the weekly chart can be identified by the consecutive candlesticks with lower-length wicks. The structure of this chart often shows that sellers are being relieved as buyers continue to step up at lower prices.
“We are currently confirming a macro bottom setup with the same signal that successfully called the 2 most meaningful bottoms in the last 3 years.”
Crypto trader Bluntz noted Solana could have finished an accumulation phase after a powerful breakout on the chart. This move is in line with a triangle-shaped breakout, where the higher daily lows are met by a level of flat resistance. Now, the price has risen above $93.50 which was a previous resistance level.
The pattern suggests that the next upward target lies near $120. That level served as a base for most of 2024-2025. It may serve as a solid base to further increase the price, and $145 could be the next possible level, if momentum is maintained.
Related: Altseason is dead, expect shorter cycles and ‘violent’ rotations: Crypto exec
Early signs of recovery in the market
Although the data on derivatives suggests that recovery has not yet begun, the prices structure appears to be positive.
SOL’s open interest is below $2.3billion since the price bottom on February 6, indicating traders have not increased leverage aggressively yet. It indicates a more cautious market than a possible longer-term rally.
The cumulative volume delta, which measures net purchasing and selling on the spot market, has stabilised over the last month. This shows that the selling pressure is easing.
The CVD futures have improved from -$3.5 billion to -2.88 billion, reflecting a reduction of $700 millions in sales since the 24th February. The bearish trend is diminishing, but a significant buy-demand has yet to emerge.
The average funding rate is also neutral. This means that neither the bullish or bearish position dominates.
Data suggests that the recovery is largely driven by individual spots. This $120 mark remains an area to be watched, as it is a significant threshold both for trader positions and the market’s sentiment.
Related: XRP holders hit a record 7.7M: Will price break through $1.60 next?
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Source: cointelegraph.com
