Apr 11, 2025
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Solana Tests Key Trendline Resistance After Significant Price Decline
Solana (SOL) is encountering significant liquidity resistance as the crypto market stabilizes after recent volatility. SOL lost over 47% of its value since early March but has seen renewed buying interest following a low of $95, bouncing back more than 25%. Key factors include:
- Current trading price around $117.
- Testing a crucial trendline resistance which could determine future price movements.
- Analyst Ted Pillows indicates SOL is 60% down from its peak, suggesting capitulation may have occurred.
- A decisive close above $130 is needed for a potential sustained rally.
- Upcoming Firedancer upgrade expected to enhance scalability and performance.
- Increased on-chain activity with stablecoin supply on Solana up 140%.
If SOL can maintain support above $112 and reclaim the $125 resistance level, it could pave the way towards $145. However, failure to hold above $112 could lead to renewed selling pressure.
