Solana (SOL) shows signs of stabilizing near the $100 mark, suggesting a potential short-term bottom may have been reached. Technical indicators point to easing bearish momentum, while on-chain data reveals record network activity with total value locked hitting $7.5 billion. Analysts note SOL must overcome several key resistance zones, including $113–$115 and $140–$160, to pave the way for a significant rally toward higher price targets.
Solana’s price appears to have found support near $100 after a recent 25% correction. This stabilization hints at a potential short-term bottom forming on the charts.
Technical analysis indicates a possible V-shaped recovery pattern on the 4-hour timeframe. The Relative Strength Index has recovered from oversold conditions, climbing to a level of 36.
Significant resistance zones lie ahead at $113–$115, $125–$130, and between $140–$160. Clearing these levels could enable a rally toward much higher price targets.
On-chain demand metrics show significant strength for the network. Solana’s total value locked has reached an all-time high of 73.4 million SOL, valued at approximately $7.5 billion.
Daily transactions have soared to a two-year high of 109.5 million. Concurrently, daily decentralized exchange volume reached an eight-month peak of $51.3 million SOL.
Analyst Trader Tardigrade suggested a bounce from the lower boundary of a descending channel could propel prices higher. According to Trader Tardigrade, this scenario could send SOL soaring to $215.
The 50-week moving average, residing between $140 and $160, has historically acted as a major resistance level. Failure to overcome this zone could see prices return to test lower support areas.
