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Market Direction

SOL bulls hope for breakout above $120

Published: Apr 11, 2025
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SOL tests key resistance at $120, showing bullish divergence. With support levels at $98 and $81, traders are looking for a potential breakout and upside movement toward $140 and $147.

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Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.


  • SOL's Open Interest (by number of coins) remains very high.
  • The Funding Rate is positive, meaning there is a slight bias amongst traders to be Long. We would also rather be Long SOL rather than Short here.
SOL's funding rate:

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Technical analysis

  • SOL broke down from the $120 horizontal support and swiftly moved down to the next horizontal support at $98.
  • At $98, SOL put in back-to-back bullish divergences (lower lows in price, and higher lows on the oscillator). This could help fuel a move higher.
  • The RSI is in a downtrend, but it's above its moving average, and also now with those back-to-back bullish divergences.
  • Price is currently butting up into the underside of the horizontal resistance at $120, which also converges with the local downtrend line. If SOL can flip this level, then $140 to $147 is possible.
  • To the downside, the horizontal supports are at $98 and $81. We'd be accumulating in that range should the price revisit there over the coming weeks.
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  • Next Support: $98
  • Next Resistance: $120
  • Direction: Neutral/Bullish
  • Upside Target: $140
  • Downside Target: $98

Cryptonary's take

In the short term, SOL could breakout to the upside here if it flips the $120 horizontal support and the downtrend line, although this is a tricky level to flip. We'll be watching the reaction at this price point very closely.

In terms of long-term accumulation, we're eyeing $81 to $110. We'll look to accumulate in this range should price retest this range, and we'll build positions over the coming weeks/months.

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