A recurring weekly chart pattern for Solana’s SOL has reappeared, suggesting a possible macro bottom is forming. The setup — consecutive weekly candles with long lower wicks — has a track record: it showed up before SOL’s 1,604% rally in 2023 and again ahead of a 142% advance in 2025. Analysts see the same signature as evidence that selling is being absorbed and buyers are stepping in at lower prices.
Crypto analyst WebTrend flagged the pattern, saying it lines up with the signals that identified the two most significant lows over the past three years. That weekly structure arrives as price nears an important zone that could help validate a bullish bias if defended.
Trader Bluntz added that Solana appears to have completed an accumulation phase after a notable daily breakout. The daily chart shows an ascending triangle: higher lows converging on a flat resistance line. SOL is now holding above roughly $93.50, a level that had previously acted as resistance. If this holds, the next logical upside target is near $120 — a price that served as support through much of 2024 and 2025 and could become a base for further gains. A sustained breakout and rising momentum could send SOL toward a secondary target around $145.
Market activity paints a cautious, early-stage recovery rather than a full-fledged rally. Derivatives data show traders are not broadly levering up: open interest has remained below $2.3 billion since the Feb. 6 price low, indicating limited aggressive positioning. On the spot side, cumulative volume delta (CVD), which tracks net buying versus selling, has steadied over the past month, suggesting selling pressure has eased.
In futures markets the CVD has improved to about -$2.8 billion from -$3.5 billion since Feb. 24, a roughly $700 million reduction in net selling — evidence bearish pressure is waning even if strong buying has not fully returned. Aggregated funding rates sit near neutral, meaning neither longs nor shorts are clearly dominant.
Taken together, the data point toward a spot-driven recovery that remains in its early stages. The $120 area is a key level to watch for trader positioning and market sentiment; reclaiming it would increase the odds that the weekly bullish pattern develops into a broader rally.
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