SOL Chart Pattern Suggests Potential Bullish Rally Ahead
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Recent movements in the SOL market have sparked discussions among traders and analysts about a possible resurgence in bullish sentiment. An important chart pattern that has historically preceded significant price rallies for Solana’s SOL token re-emerged, leading many to speculate on the potential for further gains.
The weekly chart for SOL shows a recurring signal that has been linked with previous substantial rallies, including a remarkable 1,604% increase earlier in 2023 and a 142% rise seen in 2025. Analysts are observing closely as the token’s price approaches a critical weekly level that could bolster bullish trends.
WebTrend, a well-known crypto analyst, pointed out that the chart pattern consists of successive candles with elongated lower wicks. This configuration typically indicates that selling pressure is waning, as buyers are stepping in at gradually lower price points, absorbing the selling.
Bluntz, another trader, mentioned that Solana might have concluded an accumulation phase following a recent breakout observed on its daily chart. This breakout aligns with the formation of an ascending triangle, where a series of higher daily lows converge with a plateau at resistance. Currently, the SOL price is hovering above $93.50, a significant level that had previously been a point of resistance.
If the current pattern holds, analysts predict that the next upside target could be around $120. This price point has historically served as support during much of 2024 and 2025. Should the price reclaim this level, it could establish a robust foundation for additional upward movement, with $145 identified as a further target if positive momentum persists.
Despite the encouraging price structure, the derivatives data suggests that the recovery is still in its stages. Since the significant price drop on February 6, SOL’s open interest has remained under $2.3 billion, indicating that traders are adopting a cautious approach without aggressively increasing leverage. This suggests a more tentative environment rather than a full-fledged rally.
On the spot market side, the cumulative volume delta (CVD), a metric used to track net buying and selling activity, has stabilized over the past month, hinting that selling pressure may be easing.
In the futures market, CVD showed improvement, decreasing from -$3.5 billion to -$2.8 billion since February 24, indicating a notable reduction in selling momentum. However, the data also illustrates that strong buying demand has not yet emerged, as the aggregated funding rate remains neutral, suggesting a balance between bullish and bearish positions.
Overall, the conditions point towards a potential recovery driven by spot market activity, with the $120 threshold being crucial for market sentiment and trader positioning. It remains to be seen whether Solana’s SOL can leverage these patterns to achieve new highs in the near future.
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