Market Direction

Solana struggles at $148 resistance

Published: Apr 1, 2025

As Solana faces strong resistance and key support levels, the market's outlook remains cautious. Let’s dive into the technical landscape of SOL and explore what’s next for its price movements in this uncertain environment.

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 the number of coins) remains really high, but the Open Interest in USD isn't close to its highs. This therefore just tells us that OI is high by a number of coins because the price of SOL has halved in the last few months.
Funding Rates like ETH and BTC are close to 0.00% but are very slightly positive. There is little signal here from a leverage perspective, to be honest.

SOL's open interest (by number of coins):

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Technical analysis

SOL rejected off the local horizontal resistance at $148, having put in the hidden bearish divergence (lower high in price, higher high on the oscillator).
Price has since pulled back to the horizontal support of $120 and retested that area as support, as we expected it would do.
Price is now attempting to bounce, but the RSI is moving into the underside of it's moving average. It's possible this is a local stalling area for SOL's price here in the short-term.
Price is essentially in this tighter zone between the $120 horizontal support and the $148 horizontal resistance. Beyond that, $98 is the major support and $162 is the major horizontal resistance.

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Next Support: $120
Next Resistance: $148
Direction: Neutral/Bearish
Upside Target: $148
Downside Target: $98

Stay updated on Solana price prediction—explore our full analysis for the latest market insights.

Cryptonary's take

In the short term, we expect the price to remain range-bound between the levels we've identified ($120 to $148); however, in the short/medium term, we do expect the price to break down and test $98. At that point ($98), that's where we'd be strongly considering buys.

For now, though, our bearish bias remains as we expect a continuation of the fiscal unwind and the uncertainty surrounding the new Trump administration.

If you're a range trader, you can play the range. If not, remain patient, and we'll look to play the wider range ($98 support of $162 horizontal resistance).