Solana has seen a strong 60% rally over the past three weeks, moving from a low around $95 to currently trading near $151 as of April 24. This move comes on the back of a broader rally across the crypto space, with BTC leading the charge and liquidity flowing into high beta names like SOL. While earlier in the year Solana’s strength was tied to the memecoin narrative — including notable launches like the $TRUMP token in January — the recent momentum is more aligned with macro crypto sentiment than isolated ecosystem hype.
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Still Far from All-Time Highs
Solana managed to base after running the August lows, finding demand in the $90–95 range. That gave bulls the fuel for this latest leg higher, but even with the recent push, SOL still trades roughly 95% below its all-time high. So, while the short-term strength is notable, there’s still a long way to go before the bigger picture shifts.
Weekly Structure Still Bearish
Looking at the weekly chart, the broader trend remains bearish unless Solana can reclaim and hold above the $178 area — a key level that acted as resistance earlier in the year. Until that happens, it’s wise to treat this as a potential lower high forming within a longer-term downtrend.
On the daily timeframe, a few key levels stand out that could signal whether this move has more room or is starting to fade. The $140s — which previously acted as resistance — could now be retested as support. Below that, the swing low around $134 is an important structure level. If price begins to break below these zones, that could suggest the recent strength is running out and that the weekly trend may reassert itself with a push toward new lows.
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Volatility Risks Remain
For now, Solana is holding up well — and like many altcoins, it's benefitting from the recent run in BTC. But it’s important to stay aware of the risks. Solana is still a high beta asset, and as the memecoin mania cools and narrative shifts fade, that leaves price more exposed to volatility if liquidity dries up or BTC pulls back.
The takeaway here is simple: the move has been strong, but don't get complacent. Watch how price reacts around $140–$134. Those levels will give clues as to whether bulls still have momentum, or if this is just a lower high before continuation lower.
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