Solana (SOL) Price Draws Attention After a Sharp 50% Recovery from Its Recent Low

Solana (SOL) price has drawn attention with a sharp 50% recovery from its recent low. Technical analysis suggests continued bullish potential as large investors, known as whales, accumulate the asset.

Analysts and traders are now observing the $200 price zone as a possible target for Solana price by the end of May.

Solana price displayed a breakout from a falling wedge formation, which was a bullish reversal pattern. The wedge pattern, formed over several weeks, resolved to the upside. It was supported by increasing Solana price and buying interest.

The breakout above the wedge’s resistance line at $138 on the daily chart held, and SOL was consolidating around the $149–$150 (at press time, it was trading at $143.40).

Initial behavior suggested that the price was building a base for another potential leg upward. But current move may change things for the coin.

Technical target from the pattern’s breakout projected a price move toward $240. However, the intermediate resistance level was at $200.

Relative Strength Index showed 61.17 at press time. It indicated a moderate strength in an upward direction. The Money Flow Index (MFI) at 59.57 showed a rise in buying interest, which wasn’t extreme.

A negative –10.55K reading from Cumulative Volume Delta (CVD) did not threaten the current price structure. The uptrend remained intact, with price forming higher highs and higher lows.

Market analysts suggested that the price could retreat to the $145 support zone before initiating an upward trend.

Solana price displayed a breakout from a falling wedge formation, which was a bullish reversal pattern. The wedge pattern, formed over several weeks, resolved to the upside. It was supported by increasing Solana price and buying interest.

Solana price displayed a breakout from a falling wedge formation, which was a bullish reversal pattern. The wedge pattern, formed over several weeks, resolved to the upside. It was supported by increasing Solana price and buying interest.

The breakout above the wedge’s resistance line at $138 on the daily chart held, and SOL was consolidating around the $149–$150 (at press time, it was trading at $143.40).

Initial behavior suggested that the price was building a base for another potential leg upward. But current move may change things for the coin.

Technical target from the pattern’s breakout projected a price move toward $240. However, the intermediate resistance level was at $200.

Relative Strength Index showed 61.17 at press time. It indicated a moderate strength in an upward direction. The Money Flow Index (MFI) at 59.57 showed a rise in buying interest, which wasn’t extreme.

A negative –10.55K reading from Cumulative Volume Delta (CVD) did not threaten the current price structure. The uptrend remained intact, with price forming higher highs and higher lows.

Market analysts suggested that the price could retreat to the $145 support zone before initiating an upward trend.