Solana Rallies 8% Amid Global Macro Pressures. Is a Short-Term Target of $155 Possible?
Geopolitical tensions and evolving trade policies continue to shape cryptocurrency markets, with Solana emerging as a focal point amid global economic uncertainty. SOL has demonstrated impressive recovery strength, climbing 8% from its April 30 low of $140 to around $152, accompanied by a 35% increase in daily trading volume over 24 hours. This resilience is evident as US-China trade relations deteriorate, impacting both traditional and digital asset markets.
The broader market gauge, the CoinDesk 20 Index, also saw a rise of about 4% on Thursday.
Technical Analysis Highlights
SOL recovered from a significant 7.4% correction on April 30, dropping from 148.03 to 140.63 before reaching new period highs at 152.69. The overall trading range of 12.04 points (8.3%) showcases volatility, with a strong support level established at 140.65. Volume analysis reveals heightened trading during the correction (2.4M+ volume) followed by sustained buying interest during recovery.
Recent price action indicates an ascending channel with resistance at 152.50, while the 148.50-149.50 zone serves as a crucial support level, according to Hotnchill’s technical analysis data. Bullish momentum appears sustainable, with higher lows forming, suggesting potential continuation toward the psychological level of 155.00. In the last 100 minutes, SOL experienced significant volatility, dropping sharply from 152.38 to a low of 150.74 before staging a V-shaped recovery to 152.49. Key support was established at 151.10, where substantial buying volume (44K+) emerged.
A mid-session rally from 151.22 to 152.60 coincided with the highest volume spike (126K at 14:00), indicating strong institutional interest. The short-term ascending channel was established with resistance at 152.68 and support at 152.32. The 152.45-152.50 zone now serves as immediate resistance that could determine near-term direction.
Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see Hotnchill’s full AI Policy. This article may include information from external sources, which are listed below when applicable.
