Solana’s Critical Juncture: Will It Hold Support or Plunge to $65?
Solana is currently trading above the $125 level, with bulls reclaiming key levels and sparking optimism among traders. However, analysts remain divided on whether this marks the start of a sustainable rally or a temporary rebound before further declines. Top crypto analyst Ali Martinez has cautioned that Solana might be retesting the breakout zone from a right-angled ascending broadening pattern—a technical formation often associated with sharp price drops. If Solana fails to maintain its current support levels, prices could plummet below $80, with $65 still a plausible target. The coming days will be crucial in determining whether Solana can defy bearish signals or succumb to further downward pressure.
Solana Retests Bearish Breakout Zone – $65 Target Still In Play?
Solana is trading above the $125 level after bulls reclaimed key levels, sparking optimism. However, not all analysts are convinced this marks the beginning of a sustainable rally. Top crypto analyst Ali Martinez warned that Solana might be retesting the breakout zone from a right-angled ascending broadening pattern, which often precedes sharp declines. If Solana fails to hold current support levels, prices below $80 could be possible.
Solana Price Prediction and Mutuum Finance Gaining Popularity
Experts claim that the anticipated price highlight of Solana blockchain reaching $400 by 2025 increases market talk. Meanwhile, the newly debuted DeFi platform Mutuum Finance (MUTM) is striving to win popularity. MUTM exists at $0.025 in its fourth presale phase while attracting 8,300 holders who have brought $6.8 million. The market demand for tokens has reached an all-time high as 409 million tokens were purchased digitally. Research suggests that MUTM projects to acquire Solana’s blockchain values at low prices, indicating imminent market expansion. At present, Solana’s trading price stays at $118.62.
RAY Jumps 10% Following Raydium’s LaunchLab Announcement
Solana DEX Raydium has announced the launch of LaunchLab, a new token launchpad that aims to compete with Pump.fun. Pump.fun recently launched its own DEX PumpSwap, similar to Raydium. Following the announcement, RAY has seen a 10% increase, bringing its weekly gains to over 30%. Raydium claims that LaunchLab will enable users to freely create tokens with reward opportunities for creators.
Solana Eyes Market Shift with Largest Supply Cluster Formed
Solana has maintained a notable bullish performance, rising by more than 20% after a recent drop to the $100 support zone on April 9. Glassnode’s analysis reveals that SOL has formed the largest supply cluster in its UTXO Realized Price Distribution (URPD) indicator, indicating a major area of interest for investors as it attempts to overcome crucial resistance areas.
