Solana (SOL) Price Recovers From 12-Month Low, Bouncing 17%

Solana (SOL), the popular layer-1 blockchain token, is staging a sharp recovery after falling to a 12-month low earlier this month.

Solana (SOL) prices have risen sharply this week, rebounding from a 12-month low as the crypto market shows signs of recovery.

After dropping to $95.23 earlier this month, SOL has risen by over 17% to trade around $124.58 at press time. This rally comes amid broader crypto market gains, which has helped SOL find some support and traders become more bullish on the token.

Solana’s Strong Rebound and Technical Outlook

Solana has now formed an ascending trend line after bottoming out at around $95.

An ascending trend line is created when an asset posts consistently higher lows—a pattern that suggests buyers are stepping in at higher price points over time. This is a key bullish signal and indicates that traders are becoming more aggressive and willing to pay a premium for the asset. The trend line acts as a dynamic support level.

Solana’s recovery also comes as the Relative Strength Index (RSI) moves closer to the neutral 50 level. Currently, the RSI stands at 49.58. The RSI measures buying and selling momentum and usually moves above 50 when an asset is in a strong uptrend.

An RSI that trends higher from below 50 typically indicates a transition from bearish to bullish market conditions.

Key Levels to Watch: $120 Support and $138 Resistance

Solana’s rally has brought it back above the $120.74 support level, which is a key zone for buyers to defend in the short term.

As long as this level holds, Solana is likely to continue moving upward, with short-term price targets around $130 and potentially extending to $138.41. This $138 zone marks a critical resistance level from earlier in the year and will be a strong test of market strength.

If Solana can breach and close above it, it could unlock a more significant upward move, especially if broader market sentiment remains positive.

However, if selling pressure returns—particularly from traders seeking to take profits from the recent 17% bounce—SOL could drop below $120. A breakdown of this level could send the altcoin back toward its recent low near $95.

Market Sentiment and Broader Outlook

Solana’s strong bounce is part of a larger crypto market recovery this week, driven by renewed interest in altcoins and a slight risk-on shift among traders.

After a challenging Q1, Solana’s network remains one of the most active in terms of NFT trading, decentralized finance (DeFi), and developer engagement—factors that continue to support long-term investor interest.

Market analysts suggest that if macroeconomic conditions stabilize further and regulatory clarity improves, SOL could see a sustained recovery, especially considering its relatively undervalued position compared to earlier 2024 highs.

Still, short-term volatility remains a concern, and traders will be closely monitoring key price levels to anticipate any shifts in market trends.