Solana Price Holds Strong Above $112 Support: Bullish Vibes All Around?

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

April 4, 2025

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Solana (SOL) is showing some real signs of life. The token has climbed over 4.4% in the past 24 hours, pushing its price near $123 as of April 5—and that’s got traders watching closely.

This bounce comes as part of a wider rally in the crypto market, sparked in part by a headline-making statement from U.S. Treasury Secretary Scott Bessent, who publicly called Bitcoin a “store of value.”

That endorsement didn’t just lift BTC—it’s also given a boost to major altcoins like Solana, which have been trying to shake off weeks of selling pressure.

Despite a 9% drop in trading volume, the market mood is turning cautiously optimistic. SOL—currently sitting at #6 by market cap with a valuation of $61.79 billion—is benefiting from a wave of capital rotation back into crypto as institutional interest picks up and price action across major tokens turns green again.

This declaration has not only bolstered Bitcoin’s position but has also lifted major altcoins, including Solana, which is benefiting from the revived investor confidence in the crypto space.

Solana Technical Breakout Could Fuel More Gains

From a technical angle, Solana’s chart is flashing some bullish signals. The token has just broken out of a descending price channel on the 2-hour chart and is now trading above the 50-period EMA at $121.89, which has now flipped into short-term support.

The RSI is sitting at 57, showing growing buying pressure without venturing into overbought territory—often a sweet spot for further upside.

Zooming out to the daily chart, there’s also a bullish double-bottom formation shaping up near the $114 support zone, alongside a bullish divergence on the RSI. These signals suggest buyers are starting to regain control.

If SOL can hold above $121.89, it may be gearing up to test $129.62, and potentially $135.86 in the short term.

Key Technical Levels:

• Immediate Resistance: $129.62, $135.86
• Support: $121.89, $119.81, $112.56
• RSI: 57.91 (Neutral-Bullish)

Some analysts are even targeting $144.50, which would be an 18% move from current levels, if momentum continues building.

Grayscale’s ETF Push Adds to the Optimism; Solana Supported

Adding fuel to Solana’s upside potential is Grayscale’s recent filing to convert its Solana Trust into a spot ETF, which would trade under the ticker GSOL on the New York Stock Exchange.

If approved by the SEC, this would give traditional investors a way to gain exposure to Solana without directly buying the token—a move that could open the floodgates to more institutional capital.

This follows in the footsteps of similar filings for Bitcoin and Ethereum and reflects a clear trend: institutional appetite for regulated crypto products is growing fast.

What This Means for SOL:

• ETF approval could attract traditional investors
• Potential for improved liquidity and reduced volatility
• Another step toward mainstream legitimacy

Still, a Bit of Caution is Warranted

Even with all the bullish momentum, it’s worth noting that Solana is still down 60% from its all-time high of $295, hit back in January 2025. And while there was a buzz in March about the U.S. possibly including SOL in a national crypto reserve framework, the market reaction was pretty muted.

Geopolitical uncertainty and trade tensions continue to loom over risk assets, and crypto is no exception. If macro pressures mount, Solana’s rally could face headwinds.

That said, the technical breakout above $121.89, paired with growing institutional support and improved sentiment, has put Solana in a much stronger position than just a week ago.

If the broader market holds up, the path toward $130 and beyond looks increasingly within reach.

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