SOL price signal tied to previous 142% rally flashes again: Are the bulls back?

A SOL chart pattern that preceded several triple-digit rallies just flashed again. Are the altcoin bulls gearing up for a run to new price highs?

A recurring bottom signal for Solana’s SOL (SOL) token has flashed on its weekly chart. The pattern was first seen in 2023 when SOL went on a 1,604%, rally, then again in 2025 when the altcoin gained 142%. 

Currently, SOL futures and spot market data point to a slow pickup in market activity, with the price approaching a key weekly level that may reinforce the bullish bias.

Crypto analyst WebTrend has highlighted that the pattern on the weekly chart is marked by consecutive candles with long lower wicks. This structure often signals that selling pressure is being absorbed as the buyers consistently step in at lower levels.

Crypto trader Bluntz noted that Solana may have completed an accumulation phase following a strong breakout on the daily chart. The move aligns with an ascending triangle breakout where higher daily lows meet a flat resistance level. The price is now holding above $93.50, a key level that previously acted as resistance.

Based on the pattern, the next upside target sits near $120, a level that served as support for much of 2024 and 2025. If reclaimed, it may act as a strong base for further upside, with $145 emerging as the next potential level if momentum continues.

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While the price structure looks constructive, the derivatives data suggest the recovery is still developing.

SOL’s open interest has remained below $2.3 billion since the Feb. 6 price bottom, indicating that traders are not aggressively increasing leverage yet. This points to a cautious environment rather than what may be a longer-duration rally.

On the spot side, the cumulative volume delta (CVD), which tracks net buying and selling, has stabilized over the past month, showing that selling pressure has eased.

In the futures markets, the CVD has improved to -$2.8 billion from -$3.5 billion since Feb. 24, reflecting a $700 million reduction in selling. This suggests that while the bearish pressure is fading, a strong buy demand has not emerged yet.

The aggregated funding rate has also remained neutral, meaning neither bullish nor bearish positions are dominant.

Overall, the data points to a spot-driven recovery. The $120 level remains a key zone to watch, acting as an important threshold for both trader positioning and market sentiment.

Related: XRP holders hit a record 7.7M: Will price break through $1.60 next?

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Source: CoinTelegraph