Solana price (SOL) gains 2.0% to $132.00 early Monday morning in New York, stalling a fortnight-old downtrend inside an ascending triangle bullish chart pattern.
The ascending triangle is a bullish formation connecting the higher lows in prices to the mostly steady tops. That said, the technical pattern suggests an upward grind in the price and can bolster the bullish bias if the quote crosses the top horizontal resistance line.
The SOL’s latest rebound could be linked to increased interest in the altcoin on the decentralized exchanges (DEXs), as the coin marked the largest DEX trading volume last week.
However, mixed markets and downbeat performance of the leading coins push the Solana price towards its third consecutive monthly loss, as well as highlight a 30% downside during 2025.
Also read: Crypto Weekly Price Prediction: BTC, XRP Stall, ETH Edges Up,Key U.S. Data Eyed!
Notably, an improvement in the trading volume and the market capitalization (market cap), as well as an upward grind in the 14-day Relative Strength Index (RSI) momentum indicator, adds strength to the recovery hopes. At the same time, weak signals from the Moving Average Convergence Divergence (MACD) momentum indicator and several obstacles make it tough for Solana’s supporters, especially with a possible 30% loss
According to Santiment, Solana’s daily trading volume hits a three-day high of $2.74 billion, while the market cap also bounces off a two-week low to $74.16 billion.
Can Solana trim the yearly loss?
Solana Price: Daily Chart Portrays Bullish Consolidation
The Solana price recovers from the bottom line of a six-week-old ascending triangle bullish chart pattern. The SOL rebound also gains support from the RSI line as it gradually improves from the 30.00 oversold boundary tested in November.
The above chart suggests the SOL’s slow grind towards the north.
However, a clear upside break of the stated triangle’s top, close to $146.00-$147.00, could amplify the north run, highlighting the 100-day Exponential Moving Average (EMA) hurdle of $163.65.
Beyond that, multiple lows marked since October 10 will join the 200-day EMA around $171.00, posing a formidable challenge for the SOL bulls.
Should the Solana price remain firmer past $171.00, the odds of witnessing a further upside toward October’s peak near $205.00 can’t be ruled out.
Meanwhile, a downside break of $128.00 will defy the bullish chart formation and make the SOL vulnerable to slumping toward the yearly low marked in April around $95.00.
During the potential south run, the Solana bears may find November’s low around $121.00 and the $100.00 threshold as intermediate halts.
Solana Price: Four-Hour Chart Suggests Gradual Recovery
The Sol bulls monitor the six-week-old horizontal resistance area around $146.00-$147.00 on the four-hour (4H) chart.
However, the 200-bar EMA near $141.80 and a descending resistance line from early October, close to $144.00, may act as short-term resistance for the SOL buyers to watch.
Even if the Solana price rises past $147.00, the $170.00 support-turned-resistance from October 11 will be crucial to watch ahead of the daily chart’s higher levels.
Meanwhile, the SOL sellers may initially aim for the $130.00 round figure ahead of the aforementioned triangle’s bottom line surrounding $128.00.
Below that, the previous monthly low of $121.65 and the deeper levels discussed on the daily chart will be in the spotlight.
