Solana’s Make-or-Break May: Dead Cat Bounce or Bull Market Pit Stop?
Solana traders are strapping in for a volatile May—either the network proves its bear market resilience or becomes another ’high-speed blockchain’ collecting dust in the crypto graveyard.
Technical indicators show SOL hovering at a critical support level. Break below? Prepare for the ’I told you so’ chorus from Bitcoin maxis. Hold and rally? Suddenly everyone’s a ’long-term believer’ again.
Meanwhile, Wall Street analysts are placing bets from their Hamptons docks—because nothing says market insight like predicting crypto moves between sips of a $28 almond milk latte.
Solana Approaches Critical Level Amid Sharp Recovery
Solana has rebounded sharply from its April 7 local low around $95, gaining an impressive 54% in just a few weeks. Bulls have regained momentum as Solana trades NEAR critical resistance levels, with analysts calling for a potential push above $160 in the short term. However, despite this strong recovery, risks of a downside reversal remain high.
Since January, Solana has been one of the hardest-hit major cryptocurrencies. It lost over 65% of its value during the most recent downtrend, highlighting the intense selling pressure and increased speculation across the broader market. While the recent rally is encouraging, many are questioning whether it marks the start of a new bullish phase or just a temporary rebound within a larger bearish trend.
Inmortal’s insights emphasize that May will be a decisive month for Solana. According to him, “you can’t imagine how vital May is.” Over the next 30 days, the market is expected to reveal whether Solana’s recent strength represents a simple bear-market bounce or the beginning of a true bull-market dip that could lead to further gains.
The coming weeks will be critical, and Solana’s price action will likely set the tone for the entire altcoin market this summer.
Price Action Details: Key Levels To Watch
Solana (SOL) is trading at $146 after losing around 6% of its value since Friday. Despite the strong rally earlier this month, bulls are now facing increasing pressure to defend current levels. SOL must reclaim the $180 level, which aligns closely with the 200-day moving average (MA), to resume the bullish trend and regain market confidence.
The $180 mark is critical because a decisive move above it would signal strength and open the door for a push toward higher resistance zones. Without this breakout, however, the current rally risks fading into another lower high, further weakening Solana’s structure.
On the downside, losing the $140 level would be a major red flag for bulls. A sustained breakdown below this support could trigger a deeper correction, with price potentially dropping below the psychological $100 mark. Such a move would likely accelerate bearish sentiment and invite further selling pressure, especially as macroeconomic risks and global uncertainty continue to weigh on the crypto market.
The next few days will be key for SOL. Bulls must act quickly to defend, support, and attempt a recovery, or risk opening the door to another major leg down.
Featured image from Dall-E, chart from TradingView
