Solana Price Might Have Bottomed Out, Here’s Why

The price of Solana (SOL) has likely bottomed out, as indicated by ongoing market dynamics and historical trends. While market volatility has reduced, SOL is still down on the weekly and monthly charts.

However, proponents of the coin are convinced that the recent price dip in Solana signals bullish tendencies.

SOL Profit-Taking Distribution Per Glassnode Data

Recent data from the onchain market data platform Glassnode has revealed how investors’ behavior shapes Solana’s recent price action.

In a Tuesday X post, Glassnode posted its UPRD chart, which showed SOL supply migration into lower-cost basis clusters between March 19 and 31.

According to Glassnode’s URPD chart, the share of Solana supply moved from 3.69% to 3.73%, with a sharp cluster of holdings at $123.9.

Subsequently, SOL supply migrated to $144.54, rising from 4.2% to 4.5%. The supply eventually shifted to lower clusters, specifically at $147.49, where 12 million SOL is currently concentrated.

This level has become a resistance test for Solana’s price action in the past few days.

With supply migrating into lower-cost basis clusters, Glassnode said the data suggests some profit-taking or distribution near recent highs.

Moreover, support at the lower bands of the current range is strengthening. While not definitive, Solana’s move toward the lower boundary may signal that selling pressure is starting to fade.

Solana Historical Performance in April/Q2, What to Expect

According to Cryptorank data, Solana experienced a bearish performance in Q1 2025, declining by 34.1%.

The data shows Solana’s average increase of 8.6% in April, signaling a bullish price outlook ahead.

In April 2021 and 2023, SOL saw increases of 120.7% and 8.3%, respectively. However, by April 2024, Solana’s price experienced a sharp decline of 37.3%

Nevertheless, Solana price has risen beyond bearish pressure on the daily chart. At the time of writing, Solana price was trading at $125.4, up slightly by 1.2% over the previous day.

Solana has spent the past seven days trading between the upper end of $135 and the lower end of $122.

Also, it seems like buyers are stepping in as the price approaches key support levels. Notably, SOL’s trading volume in the crypto market spiked by over 8% to $2.46 billion within the past 24 hours.

Solana Price Prediction

Analysts say Solana’s positive projections for its future outlook rely on technical indicators and other ecosystem factors.

Market analyst Ali Martinez noted that SOL must break back above the $145 region to reverse bearish momentum.

According to the analyst, failure to reclaim that zone likely confirms a breakdown from the wedge pattern.

Additionally, analyst “The Scalping Pro” pointed out that Solana’s price action reached a defining moment after the $295 peak.

The move has created a bearish divergence on the weekly Relative Strength Index (RSI).

At this point, the price formed a higher high, while the RSI printed a lower high. Generally, this divergence is seen as a sign of declining bullish momentum.

However, with the current trend, Solana’s price has bottomed out and may flip the $150 resistance as support moving forward.

Moreover, crypto analyst Trader Tardigrade highlighted that Solana has broken out of a converging triangle pattern. This breakout signals a shift in market momentum, with SOL now targeting the $150-$180 range.