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- SOL holds firm at $112 support with strong volume reaction, signaling accumulation.
- RSI and MACD hint at momentum reversal as price compresses near key breakout zone.
- $125 acts as a breakout pivot, tied to prior rallies and strengthening ecosystem metrics.
Solana (SOL) is sitting at $112.75, having fallen 5.29% in the day as it nears a long-standing ascending trendline. Price action near this $112 region suggests ongoing structural support, building excitement for upcoming price action.
Technical Breakdown on TradingView
Tracking market behavior on TradingView reveals that SOL remains inside an ascending channel stretching from late 2023 to April 2025. The price touched support across six boxed zones, each bounce followed by rising volume and a bullish reaction. Upper channel resistance remains steady near $300 to $400, forming the trend’s upper boundary.
Source: Trading View
Observing RSI and MACD movements, momentum is weakening with RSI at 41.46, nearing oversold levels. The MACD line stands at -7.45 and the signal at -7.11, with the histogram contraction signaling reduced bearish pressure. These indicators collectively mark a setup where market momentum may soon shift.
Tracking volume patterns, all six rebound zones share a common spike in trading volume. This consistent response reinforces structural support near $112, a convergence zone backed by horizontal and trendline confirmation. These technical patterns signal potential accumulation zones for large-cap holders.
Applying Fibonacci retracement from the $400 high to the $100 low, key resistance levels emerge. The 0.382 retracement level is near $200, while the 0.618 level is around $290. These zones provide relevant checkpoints during any substantial recovery phase.
Observations from Ted Pillows on Market Sentiment
Market analyst Ted Pillows said SOL has dropped over 60% since January highs, nearing post-capitulation behavior. He identifies $130 as a key breakout mark tied to multi-week surges by tracking historic price movements. He draws parallels between the current setup and previous bullish reversals.
Source: Ted Pillows
Ted Pillows continues to monitor the descending trendline stretching from January’s peak, now intersecting around $125. Multiple failed rallies reinforce the resistance, but any breach above $125 could reinstate bullish momentum. His analysis positions this breakout level as critical for market reversal.
Based on ecosystem developments, Ted Pillows attributes upside potential to Solana’s Firedancer upgrade and proposed ETFs. He references expanding DEX volumes and a 140% increase in stablecoin supply, which signals strengthening on-chain fundamentals. These components add technical fuel for a breakout scenario.
Ted Pillows underlines how repeated volume surges at support resemble earlier 60–100% rally zones. Each reaction formed near an ascending trendline confluence, where price structures reversed from prior corrections. These patterns anchor his bullish thesis pending a breakout confirmation.