Solana (SOL) — Key Resistance Test After Four Consecutive Days of Rebound

Solana is currently trading in the range of approximately $79.60 to $82, with a 24-hour change of -1.70% to +2.28%, marking the fourth consecutive day of recovery. Against the broader market rebound, the Solana derivatives market shows a divergence in retail sentiment.

On the technical side, SOL found support around $77 before beginning to rebound, and is now testing levels above $80. Analysts believe that if SOL can effectively break through and hold above $82, it could attempt to challenge the resistance at $93 in mid-April. However, about 1.4 million SOL tokens (worth approximately $110 million) were transferred to exchanges within 72 hours, indicating potential selling pressure. If the $80 support level fails, the next support is at $75.

On-chain, Solana DEX trading volume has fallen to its lowest point in 2024, and the shrinking liquidity within the SOL ecosystem may transmit negative sentiment to the overall altcoin market, exacerbating liquidity shortages in the crypto market. Solana’s TVL is around $6.8 billion, still far behind Ethereum’s $55.4 billion. Nonetheless, Solana remains a leader among high-performance blockchains, driven by institutional interest (spot ETF expectations, whale accumulation) and ongoing network upgrades.

Notably, SOL’s funding rate has rebounded, but open interest has declined simultaneously, reflecting significant disagreement between bulls and bears on the future direction. The price correlation of SOL with Bitcoin and Ethereum is high, indicating that overall market sentiment remains a key factor influencing its short-term trend.
$SOL

On the macro level, Trump’s tough stance has a more significant impact on high-beta assets. SOL has fallen over 70% from its all-time high of around $260. Whether current levels are a good entry point depends on investors’ confidence in the overall recovery of the altcoin market. If Bitcoin can stabilize above $69,000 and break higher, SOL may follow suit and rebound above $90; if market sentiment deteriorates again, SOL could test $75 or lower.
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