The popular alternative cryptocurrency Solana (SOL) has been clinging to $125 support for weeks, refusing to move but refusing to break — until it finally did. Price dropped below the range it had been sitting on since late 2023, lost the crucial zone and looked ready for a big breakdown.
But then came the bounce with a full reversal, green weekly close, and now we are back above that same support like nothing happened.
Technically? It’s a “fakeout” for now. Price dipped, wiped out longs and jumped right back. SOL ended the week up 7.81%, and the whole thing looked more like a bear trap than an actual move.
On paper, this doesn’t look bad — assuming the macro backdrop doesn’t get worse. Which, of course, is a big assumption right now.
Even expert trader “DonAlt,” who is not exactly known for being a Solana fan, flagged the move. He pointed out the range was finally cleared to the downside and called the bounce a false breakdown — and despite not liking the project, admitted it doesn’t look too bad right now.
Zooming out, nothing has changed above. The $190-$200 zone is still untouched, still heavy, and a problem. That whole area is where things fell apart the last time, and getting back up there would take a major shift — not just in SOL, but in the whole crypto market.
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The question now is simple: Was that bounce the start of a recovery, or just another failed “fakeout” in a tired market? One thing’s for sure — Solana is not dead yet. But if this bounce fades, it might be back on life support sooner than expected.