- $118 is the key level—lose it, and $100’s not far.
- On-chain strength is strong, with rising TVL, DEX volume, and token activity.
- Recovery hinges on reclaiming $118 and flipping resistance into support.
Solana’s been under pressure lately. Like, serious pressure. The price has slipped hard, dragging it all the way back to a crucial support zone that’s been holding things together since March last year. That $118 mark? Yeah, it’s kind of Solana’s last line of defense right now.
Cracks in the Floor?
At the moment, SOL is trading just under that key $118 level. Not great. It even touched as low as $112.24 recently—that’s a painful 24% drop in just one week.
The vibes? Bearish. MACD and Signal lines are both chilling below zero, and the price is sitting beneath $115.92, which doesn’t exactly scream strength. If this level doesn’t bounce soon, we could be looking at $110… or even $100. Oof.
Whales Playing Games?
Now here’s where things get spicy. Some folks are pointing fingers at the big boys—Binance and Coinbase—working through Wintermute. Word is, they pushed SOL’s price up to $135, dumped long positions, then dumped it again below $120.
Basically? Pump and flush. Classic.
But here’s the twist: Binance has started buying again. Through Wintermute. So maybe, just maybe, we’re seeing a bottom forming at $118. If sentiment picks up and the market chills out a bit, a push back toward $135 isn’t off the table. But first—SOL’s gotta get back above $115 with conviction.
Solana’s Network: Still Flexing
Despite the price action looking rough, Solana’s ecosystem is kinda crushing it.
TVL (total value locked) has been on the rise, steadily climbing since November. We’re now at 65.04 million SOL locked up. Back in November? It was just 16.6 million. That’s insane growth.
We’re also seeing monster DEX activity. Solana did $2.41 billion in DEX volume on April 2. For context, Ethereum hit $1.89B, Binance Smart Chain did $1.06B, and Base came in under a bil. So yeah, SOL’s eating.
Oh, and bridging? Over $550 million came in from other chains in the last month, with $400M+ straight from Ethereum. More than 1.15 million tokens launched too. It’s busy out there.
Daily transactions hit 47.7 million—down from the January high of 76M+, but still nothing to sneeze at. And active addresses? Bounced back from March’s dip and are climbing again.
So What Now?
Despite the market acting sketchy, Solana’s fundamentals look, honestly, solid. The only real issue is whether buyers show up at $118 or if everyone’s just waiting for $100.
The histogram (yep, technical nerd stuff) is showing a bit of life. Momentum might be slowing down—maybe even flipping bullish if things go well.
If SOL can reclaim $118, we might see a slow grind back to that $130 resistance zone. Break that, and it could snowball into something bigger. Think $150+ if the stars align.
But fair warning—if the market stays jittery, and SOL keeps hanging below support? We could dip even lower. It’s that kinda moment.
