Solana Rebounds—Watch $147 for Double Bottom Confirmation

15 hours ago 13

April 5, 2025 by Kashif Saleem

Solana bounced from $112 support, but confirmation needs a break above $130 and $147.
Four whale wallets unlocked 1.79M SOL worth $206M; 420K tokens sold, risking further downside.
SOL faces resistance near $124; RSI at 41.17 and bearish MACD show weak upward momentum.

Solana (SOL) has rebounded from a crucial support level at $112, but analysts remain cautious amid weak momentum and recent whale activity. Crypto analyst Scott Melker, highlighted the move in a technical update posted on X, stating:

Picture perfect bounce off of $112 support. Double bottom would confirm with a break above $147, the swing high between the two bottoms. Don’t let anyone call it a double bottom until that happens.”

Melker’s chart shows a clear rebound from $112, identifying it as a strong support zone. However, he noted that a true bullish reversal pattern will only be confirmed if Solana breaks above the $130 downtrend line and then the $147 swing high. Until those levels are breached, the analyst advised traders to avoid prematurely labeling the current move as a confirmed double bottom.

Meanwhile, trader Rjt.Wagmi echoed similar views on X, stating that “SOL is sitting at a critical support zone $100–110,” he wrote. “If we see a bounce, first target is $147.” The zone around $112 continues to attract attention as the immediate support area while resistance builds near $130.

Whales Unlock Massive SOL Stake

The technical developments come shortly after a major event involving long-term holders. On April 4, four whale wallets unlocked 1.79 million SOL tokens that were staked in April 2021. At the time of the original stake, the tokens were valued at $37.7 million. Upon unlock, they were worth approximately $206 million, reflecting a 446% increase.

Blockchain analysis firm Arkham Intelligence described the event as “the largest single-day unlock of staked SOL.” Following the unlock, data showed that over 420,000 tokens, valued at around $50 million, were sold. One wallet offloaded nearly 260,000 SOL, worth more than $30 million, while the remaining three wallets sold approximately $16 million combined.

Arkham reported that the four wallets still hold around 1.38 million SOL, currently valued at $167 million. The remaining holdings continue to present downside risk should further liquidations occur.

Solana Faces Persistent Bearish Pressure

Solana is currently trading around $120.96, encountering strong resistance at $124. Despite the rebound from $112, technical indicators suggest ongoing weakness. The Relative Strength Index (RSI) stands at 41.17, below the neutral 50 level, signaling limited upside momentum.

The MACD remains bearish, with the MACD line at -6.01 and the signal line at -5.95. The negative histogram further confirms that selling pressure persists. Analysts suggest that without a bullish crossover, the current downtrend is expected to continue.

A break above $124 could open the door to further gains toward $126 and $130. However, failure to hold above $120 may lead to a renewed drop toward $115 or back to the $112 support level.

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