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Solana 's SOL Rebounds as Buyers Step In Above $147
Solana (SOL) climbs back from steep losses as renewed demand lifts price above $151, even as global market tensions continue to stir investor caution.
Updated Jun 7, 2025, 6:09 p.m. Published Jun 7, 2025, 4:34 p.m.
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What to know:
- SOL rebounded nearly 4% from support at $147.13, forming a double bottom that suggests strengthening momentum, according to CoinDesk Research's technical analysis model.
- Price action formed resistance at $152.85, with volume rising on upward moves and 3.55 billion Coin Days Destroyed recorded.
- Geopolitical risks, rising government bond yields and concerns over global economic slowdown due to the tariff war remain key macro drivers affecting short-term crypto sentiment.
SOL showed renewed strength Saturday as it rebounded from a low of $147.13 to trade back above $151, despite lingering global macroeconomic headwinds. The recovery comes amid a spike in on-chain activity, with Coin Days Destroyed surging to 3.55 billion—its third-highest level this year—indicating movement of long-dormant tokens.
The bounce off $147 confirmed a bullish double bottom pattern, supported by rising volume and a return to a short-term bullish channel on the 6-hour chart. Solana now faces overhead resistance near $152.85, where sellers previously stepped in, but a move above that level could open the door toward the $155–$157 zone.
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While Solana’s network fundamentals remain strong, the broader macro environment continues to inject volatility into crypto markets, with ongoing US-China tariff disputes and rising global bond yields weighing on investor confidence.
Technical Analysis Highlights
- SOL rallied from $147.13 to $152.94, gaining 3.95% intraday.
- Double bottom formed near $147.50, signaling a potential trend reversal.
- Resistance is developing at $152.50–$153.00, capping upward momentum.
- Bullish channel seen on 6-hour chart, with volume rising on green candles.
- Coin Days Destroyed spiked to 3.55 billion, its third-highest reading in 2025.
- Price dropped slightly in the last hour from $152.51 to $151.77 (0.48%).
- Hourly chart shows bearish engulfing pattern; $150.85 is near-term support.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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