- SOL reclaims neckline at $143 with volume rising, forming a bullish reversal base.
- Fib confluence at $171.90 caps current rally zone as bulls test multi-week range.
- Liquidity gaps below $116 threaten the structure if the price fails to hold above demand..
Solana (SOL) bounced sharply after dipping below a critical support zone near $120, recovering toward key retracement levels. Weekly structure signals a possible reversal pattern emerging off a double-bottom formation, with bulls defending the $130–$145 cluster.
Price movement invalidated the prior breakdown, triggering renewed interest near the neckline of a reversal pattern. SOL now trades within a range that overlaps both historical demand and Fibonacci confluence. Technical alignment reinforces short-term bullish continuation if higher zones are reclaimed with volume support.
Reversal Watch Intensifies as Solana Eyes $171 Target
Source: Alex Clay
Technical strategist Alex Clay breaks down the current structure around Solana’s recovery from the April lows near $118. He mapped out pressure zones that are now acting as barriers, with the neckline forming at $143.20, precisely the 0.236 Fibonacci level. He emphasized resistance where buy-side momentum began to stall in past cycles.
Spotting changes in momentum, Clay highlighted a price cluster between $130 and $145 that flipped from support to resistance. This region forms the base of the current recovery leg, with SOL showing early signs of V-structure formation. He noted a clear response from traders near the upper trendline, placing short-term targets near $171.90.
Zooming into hourly behavior, his analysis exposed critical gaps in liquidity support just below $116. A failure to hold above this level risks invalidating the reversal and reintroducing downside pressure toward $99.80. Alex flagged a reversal pattern developing on lower timeframes with $195.65 as the upper resistance barrier near the 0.5 retracement zone.
SOLUSDT weekly chart tracks a reversal from April lows
Price on Binance sits at $142.35 with 24-hour volume up 18.6%, totaling $ 1.02 B. Market cap now hovers above $64.3B as SOL retests multi-month resistance. Liquidity remains concentrated at $132.92 and $171.90, with spot bids thickening near $120 and asks layered up to $195.
Source: TradingView
Daily RSI prints 54.35, signaling strengthening trend momentum after April’s oversold dip. The MACD histogram has turned positive after a multi-week downcycle, confirming bullish crossover potential. Price remains structurally above the long-term $102.77 support, suggesting active accumulation as it retests the neckline region.
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