Solana Jumps 8.5% After $143 Retest—Is This the Start of a Major Comeback?

Solana bulls are back in the driver’s seat after a sharp 8.5% rally followed a critical retest of the $143 support level. The move has traders wondering: Is this the liftoff before a full-scale recovery—or just another fakeout to lure in hopeful bagholders?

Price action suggests momentum is building, but let’s not pop the champagne just yet. The crypto market has a knack for crushing optimism right when it starts to feel safe. After all, what’s a rally without a little rug-pull theatrics?

If Solana clears the next resistance zone, we could be looking at a textbook reversal. Until then? Keep one hand on your wallet and the other on the exit button—just in case Wall Street’s ‘buy the rumor, sell the news’ playbook gets another crypto cameo.

Source: SOL/USDT on TradingView

On the 1-day chart, the structure of Solana was bearish since mid-May. It retested the $143 support once again – A level that it flipped to support back in April. Since this retest, SOL has rallied 8.5% in three days, outlining the strength of the demand zone.

The MFI showed momentum was bearish and selling pressure had the upper hand at press time. The volume bars’ 20-day moving average has also trended slowly lower over the past two weeks, during the retracement to $143.

The volume needs to pick up to give a strong sign that a MOVE to $178 or higher was likely. The OBV has not yet done that though and instead, it has been moving south for a month.

Source: SOL/USDT on TradingView

Zooming in to the 4-hour chart, the OBV’s downtrend was evident. The descending trendline (orange) appeared to be on the verge of being breached, but had not done so yet. A move past the local high from earlier in June on the OBV WOULD be an early sign of buyer dominance.

At the time of writing, the MFI was trending higher over the past three days, alongside the price bounce. This suggested buying pressure and bullish momentum in the short-term.  And yet, the SOL H4 market structure was bearish.

During the downtrend from $178 to $143, a lower high was made at $162 earlier in June. A Solana price move beyond this level would encourage swing traders to go long, using the market structure shift to reinforce their bias.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion