The crypto market remains a bumpy ride, largely thanks to ongoing global economic worries and unpredictable trade policies. Amidst this uncertainty, Solana (SOL) is proving to be quite resilient, outperforming many other cryptocurrencies.

In fact, on Thursday, Solana’s token price saw a healthy climb of over 4%. To put that in perspective, the broader crypto market, represented by the CoinDesk 20 index, only rose by about 3% during the same period.

Looking at the charts, the $125-$127 price bracket for SOL has become a key area of support. This zone has successfully pushed back against several attempts to drive the price lower. On the flip side, the $133.50-$133.60 range is acting as a significant hurdle, a resistance level that’s proving difficult to overcome, according to CoinDesk Research’s technical analysis.

Interestingly, blockchain data reveals that over 32 million SOL tokens – that’s more than 5% of the total supply – have accumulated around the $129.79 level. This suggests that $129.79 is now a crucial price point to watch for future price movements.

Technical Analysis Highlights

• SOL has established a clear support zone between $125 and $127, which has effectively stopped multiple attempts to push prices down.
• The token is showing strong resilience, bouncing back by 4.5% from its low of $123.64 on April 16th to reach $135.57, indicating a clear upward trend.
• Adding to the positive sentiment, Canada has just launched the very first spot Solana ETFs in North America on April 16th. Big names like 3iQ, Purpose, Evolve, and CI are issuing these ETFs, which is likely attracting more institutional investors.
• Solana is once again leading the pack in decentralized exchange (DEX) activity, overtaking Ethereum after a 16% surge in the last week. The total value locked (TVL) on Solana has also jumped by 12%, now standing at an impressive $7.08 billion.
• Analyzing trading volumes, we saw particularly strong buying interest during the afternoon surge on April 16th, with over 3 million SOL tokens changing hands as the price broke through the $130 resistance.
• Based on Fibonacci retracement levels from the recent peak of $136.01 on April 14th to the low on April 16th, the latest rally has successfully reclaimed the important 61.8% level.
• However, in the last 100 minutes of trading, SOL experienced a noticeable dip, falling from $134.11 to $130.81 – a 2.5% drop.
• This selling pressure intensified sharply around 14:03-14:07, with trading volume spiking dramatically to over 92,000 SOL in a single minute.
• The $133.50-$133.60 area continues to act as a strong resistance zone, rejecting several attempts to push the price higher.
• A significant breakdown occurred at the $132.00 support level, triggering a cascade of liquidations in the market.
• Currently, prices have retraced beyond the 78.6% Fibonacci level. If this bearish momentum continues, it could signal a further move downwards towards the $125-$127 support zone.

Disclaimer: This article was created using AI tools and then carefully reviewed by our editorial team to ensure it’s accurate and meets our standards. For more information, please see CoinDesk’s AI Policy. This article may include information from external sources, which are listed below when applicable.

External References:

1. “Solana’s Cost Basis Shifts Sharply: $129 Emerges as a Key Pivot Zone,” published April 16, 2025.​
2. NewsBTC, “Solana Retests Bearish Breakout Zone – $65 Target Still In Play?” published April 17, 2025.​
3. Cointelegraph, “Why Is Solana Price Up This Week?” published April 12, 2025.​
4. CryptoPotato, “Solana (SOL) Jumps by 7% Daily, Bitcoin (BTC) Eyes $85K Again (Market Watch),” published April 17, 2025.
5. Cointelegraph, “Solana Price Is Up 36% From Its Crypto Market Crash Lows — Is $180 SOL the Next Stop?” published April 16, 2025.​