SOL Price Indicator Reflects Potential Bullish Trend Resurgence
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A notable indicator on the chart of Solana’s SOL token has re-emerged, suggesting that a significant market movement could be underway. This pattern has historically signaled substantial price surges, raising the question of whether bullish momentum is returning.
On its weekly chart, SOL has displayed a recurring bottom signal, akin to formations noted in 2023 and earlier in 2025. In those instances, the token experienced remarkable rallies of 1,604% and 142%, respectively. Currently, both futures and spot market data reveal a gradual uptick in trading activity, with SOL approaching an essential weekly price point that could further bolster bullish sentiment.
WebTrend, a crypto analyst, pointed out that the pattern of consecutive candles featuring long lower wicks indicates that selling pressure is diminishing. This behavior suggests that buyers are consistently entering the market at lower price points, indicating potential strength.
Another seasoned trader, known as Bluntz, shared insights regarding SOL’s current trajectory. He noted that the token may have reached the end of an accumulation phase, particularly following a breakout observed on the daily chart. This upward movement coincides with the formation of an ascending triangle, characterized by rising daily lows and a persistent resistance level. As of now, SOL is trading above $93.50, a previously challenging resistance threshold.
The analyst’s projections target the next price movement towards $120, a level that has previously functioned as support during much of 2024 and 2025. Regaining this level could establish a significant foundation for further increases, potentially leading to a target of $145 if upward momentum continues.
While the overall price structure appears encouraging, derivatives data suggests that the recovery is still in its early stages. Open interest in SOL has remained below $2.3 billion since the price drop noted on February 6, implying that traders are adopting a cautious approach and not aggressively leveraging their positions. This environment hints at a prolonged recovery phase rather than an immediate surge.
On the spot market, the cumulative volume delta (CVD), which tracks net buying and selling activities, has stabilized recently, indicating a reduction in selling pressure. Additionally, futures markets have experienced an improvement in CVD, which has seen a decline in bearish pressure. It moved from -$3.5 billion to -$2.8 billion since February 24, indicating a shift in market sentiment, although strong buying demand has yet to manifest.
The overall data suggests that the recovery is largely driven by spot market activity. Observers should keep a close watch on the $120 price level, as it represents a critical threshold for market positioning and investor sentiment moving forward. As these dynamics unfold, the SOL market may be on the brink of a significant breakout, illuminating potential pathways for future price movements.
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Gregory Russell
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