TLDR:

SOL bounced from $120–$130 support, reclaiming strength after a brief pullback.
Analysts cite ETF speculation as a potential trigger for Solana’s next breakout.
SOL trading volume rose 17.6%, signaling renewed interest despite recent weakness.
Holding above $130 is critical as geopolitical risks add pressure on crypto markets.

Solana (SOL) is showing early signs of a bullish reversal following a recent dip. Traders are watching as the token regains momentum from a major support zone. 

Amid speculation around a possible Solana ETF, buying interest appears to be growing. 

Market watchers suggest this catalyst could trigger a strong move heading into July. However, pressure remains with recent geopolitical tensions weighing on sentiment.

SOL Bounces Back After Support Test

According to market analyst Cas Abbé, Solana respected the $120–$130 support zone with a decisive bounce. This level had previously acted as resistance in 2024 before flipping into strong support in 2025. 

The rebound suggests buyers are stepping back in after a brief correction.

$SOL had a perfect bounce back from its support level.

Good to see buyers stepping in, and this makes me bullish on it.

The reason I’m paying much attention to Solana is because of ETFs approval.

I still think that approval hasn’t been priced in yet, and there’ll be a rally… pic.twitter.com/Ovrm5bKaBF

— Cas Abbé (@cas_abbe) June 23, 2025

On the daily chart, SOL is forming a higher low pattern. If this structure holds, Abbé expects a retest of $150–$155. A continuation could push the token toward the $170 range. The bounce also aligns with speculation around an ETF approval, which Abbé believes is not yet priced into the market.

The possibility of a Solana ETF has been widely discussed as a key driver for future gains. Traders note how Bitcoin and Ethereum surged on similar announcements. 

With July approaching, market participants are eyeing regulatory developments that could impact Solana’s outlook.

Abbé sees the ETF narrative as a potential breakout catalyst. He believes current prices offer a favorable risk-reward setup for bullish positions. However, the price must hold above the $130 mark to maintain momentum.

Recent Solana Price Action Reflects Market Uncertainty

CoinGecko data shows SOL trading at $133.77, up 0.19% in 24 hours but down 14.46% over the past week. 

Solana price on CoinGecko

Trading volume surged by 17.60% to over $5.6 billion, signaling renewed market activity. Analysts caution that failure to hold above $130 may trigger a sharp drop toward $100.

Crypto analyst WiseCrypto noted key levels to watch, including $134 support and $142.59 as the next possible upside target. Indicators like the Chaikin Money Flow and Elder-Ray Index suggest ongoing selling pressure

Veteran trader Matthew Dixon pointed to broader risks such as U.S.–Iran tensions. Recent military activity has added volatility across global markets. He mentioned that Solana’s recovery could accelerate if geopolitical conditions stabilize.

Hoping that the reversal has begun for $SOL following what appears to be WXY correction down.
Much depends on what happens now following US bombing of nuclear sites in @Iran but lets hope calmer heads prevail.
Real potential for #Crypto and #SOL shown here to rally hard pic.twitter.com/Y69eNxL5Gt

— Matthew Dixon – Veteran Financial Trader (@mdtrade) June 23, 2025

In the coming weeks, Solana’s price will likely be influenced by technical strength and external catalysts. Holding above $130 remains critical for bullish continuation. Watching closely will be crucial as the ETF narrative unfolds heading into the end of Q2.

 

The post SOL Bulls Fight Back: Can Solana Break Above $135 Before Quarter Ends? appeared first on Blockonomi.

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Filed under: Bitcoin - @ June 23, 2025 11:19 am