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Solana (SOL) is showing early signs of recovery after sweeping local lows and beginning a potential reclaim phase.
According to market analyst Bluntz, the token is reacting positively after testing support near $150. The price currently trades around $157, reflecting cautious optimism following a multi-week downtrend.
Bluntz notes that Solana “took the lows” and is now attempting to reclaim lost ground. While the setup is still developing, he calls the price action “very promising” and signals that a successful reclaim could trigger significant upside momentum.
Consolidation Range and Reaction Zones Identified
The recent chart shared by Bluntz shows SOL had been trading within a clear horizontal consolidation zone between approximately $150 and $190. The breakdown below this range has now turned into a potential fake-out, provided bulls can reclaim the lower boundary.
The most recent bounce near $148 aligns with historical liquidity zones where price previously launched aggressive rallies. This makes $150–$155 a crucial area for continued support.
On the upside, the $175–$180 zone stands as the next resistance band. A reclaim and close above this level would confirm strength and open the door for a retest of $200+, last seen in early April.
Market Context: Solana Down But Not Out
According to CoinMarketCap, Solana is trading at $156 at the time of writing, down 5% over the past year. However, its market cap remains firm at over $81.8 billion, with over $2.8 billion in 24-hour trading volume—indicating healthy investor interest despite recent volatility.
If the current reclaim holds, this could mark a pivot point for Solana heading into June. But failure to hold above $150 would likely re-expose the next downside target near $130, the 0.618 Fibonacci level highlighted on Bluntz’s chart.
The post Solana Eyes Key Reclaim After Sweeping Support Levels appeared first on Coindoo.
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