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The technical structure of Solana reflects a rise exceeding 60%, but the breakout depends on $125.

🟢 SOL is holding steady at the support level of 112 dollars with a strong reaction in volume, indicating accumulation.
The Relative Strength Index and MACD indicator indicate a momentum reversal with price pressure near the key breakout area.
The level of $125 is considered a pivotal point, linked to previous highs and strengthening ecosystem metrics.
Solana's share settles at $112.75, after a decline of 5.29% during the day as it approaches a long-standing upward trend line. The price movement near the $112 level indicates continued structural support, increasing enthusiasm for the upcoming price movement.

Technical Analysis of
Market behavior tracking reveals that SOL is still within an upward channel extending from late 2023 to April 2025. The price has touched the support level across six defined areas, with each bounce accompanied by increased trading volume and an upward reaction. The upper channel resistance remains firm at a level ranging between $300 and $400, forming the upper limit of the trend.
Watching the movements of the RSI (RSI) and Convergence and (MACD) divergence, the momentum is waning, with the RSI trading at 41.46, approaching oversold levels. The (MACD) convergence and divergence line stands at -7.45, and the signal is at -7.11, with histogram contraction indicating a downward pressure drop. Taken together, these indicators indicate that market momentum is likely to shift soon.

By tracking trading volume patterns, all six rebound areas share a sharp increase in trading volume. This consistent response reinforces structural support near $112, a proximity area supported by horizontal confirmation and a trend line. These technical patterns indicate potential accumulation areas for large-cap stock investors.

By applying Fibonacci retracement from the high of 400 USD to the low of 100 USD, key resistance levels emerge. The 0.382 retracement level is around 200 USD, while the 0.618 level is around 290 USD. These areas provide important checkpoints during any major recovery phase.

Notes from Ted Bilowes on market sentiment
Market analyst Ted Belous stated that the price of SOL has dropped by more than 60% since its peak in January, approaching a level of post-surrender. He identifies the $130 level as a key breakout point associated with multi-week highs, by tracking historical price movements. He compares the current situation to previous bullish reversals. Ted Belous continues to monitor the descending trend line extending from January's peak, which now intersects around $125. Multiple failed highs reinforce the resistance level, but any breakout above $125 could rekindle bullish momentum. His analysis suggests that this breakout level is critical for a market direction reversal.