Solana (SOL) has recently showcased a strong technical setup, holding firm above a critical support level of $113. On the daily chart, SOL appears to have formed a double bottom around this zone — a bullish reversal pattern. This is further supported by a rising divergence in the Relative Strength Index (RSI), indicating growing bullish momentum despite price stagnation.
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According to analyst Scott Melker, the $112–$113 region remains crucial. A successful bounce from here could trigger a sustained uptrend, with $130 as the first resistance. If this level is breached, the next key hurdle stands at $147. Beyond that, if Bitcoin regains momentum and rallies past $85K, SOL has the potential to surge above $177 in the near future.
However, the downside risk cannot be ignored. A consistent daily close below $113 would signal a breakdown, potentially pushing SOL below the psychological $100 mark. This is especially significant considering over $200 million worth of staked SOL was recently unlocked — the largest such event until 2028. Encouragingly, SOL remained resilient above $100, suggesting most sell pressure may already be absorbed.
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Fundamentally, the Solana network continues to expand rapidly. It boasts over $6.6 billion in total value locked (TVL) and has seen over $8 billion in stablecoins minted following Donald Trump’s re-election. Major integrations with PayPal and Venmo have further boosted adoption and investor confidence.
In summary, SOL’s price action remains range-bound between $113 and $130, with upcoming sessions likely to dictate the next big move. Traders should monitor the $130 breakout level closely. A move above could catalyze a bullish rally, while failure to hold above $113 could invite fresh selling pressure.
