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The crypto market recently underwent a sharp correction, dragging most digital assets—including Solana (SOL)—into a sea of red. However, investor sentiment appears to be shifting, as signs of a potential recovery begin to emerge. Solana, in particular, is flashing bullish signals after a brief but brutal sell-off.
Over the past week, Solana price dropped more than 14% as bearish forces dominated the market. But within just 24 hours, the narrative flipped. SOL surged over 12%, reclaiming the $108 level and hinting at a possible trend reversal. This sudden spike aligns with a broader uptick in investor optimism.
$SOL is approaching a massive trendline retest right now! 👀 pic.twitter.com/62yBmg4IPf
— Coinvo (@ByCoinvo) April 7, 2025
Prominent trader Coinvo recently tweeted that Solana is retesting a crucial trendline, now acting as support. The successful defense of this level reinforces the case for a continued upward move. Supporting this, Hyblock Capital’s data shows SOL’s buy volume spiking to over 99, a metric that suggests intense buying pressure.
Another key metric adding weight to the bullish case is Solana’s open interest. According to Coinglass, open interest declined alongside price last week—a classic sign of potential market stabilization. With price now climbing, this drop in open interest could foreshadow a sustained bullish phase.
Still, broader altcoin sentiment remains subdued. The Altcoin Season Index currently sits at 18, signaling a strong Bitcoin bias. Historically, an index reading above 75 is required to declare an “altcoin season.” As such, Solana’s current surge may not be enough to kick off a wider altcoin rally—at least not yet.
Solana Price Prediction: Aiming for $120?
If bulls maintain control, Solana price could soon reclaim the $120 level, potentially retesting its March highs. While altcoin season remains on hold, SOL is well-positioned to lead once broader market momentum shifts.
Also Read: Solana (SOL) Slips Toward $100 as Bears Take Control
Bottom Line
Solana’s swift recovery, rising buy pressure, and supportive technical indicators suggest the coin is primed for more gains. Although altcoins as a group may lag behind for now, Solana’s strength could signal its readiness to spearhead the next wave when the time is right.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
