Solana (SOL) Price Prediction: Will It Break Out From the $147 Resistance Level?

Solana's native token SOL is facing ongoing resistance at the $150 price level. The cryptocurrency experienced a sharp 8% rejection after briefly touching $147

Solana’s native token SOL is encountering persistent resistance at the $150 price level. The cryptocurrency faced a steep 8% rejection after briefly touching $147 on March 25. This pattern has unfolded for three consecutive weeks.

This rejection coincides with a decline in on-chain activity for the Solana network. Many traders are pondering whether the bull market, largely driven by memecoin speculation and the artificial intelligence sectors, has reached its peak.

Some market observers believe SOL could still benefit from upcoming developments. Among them are the potential approval of a spot exchange-traded fund (ETF) in the United States. Additionally, the expansion of tokenized real-world assets on the Solana network could serve as another catalyst.

“The Solana ecosystem goes deeper than memecoin trading and token launchpads. Total value locked (TVL) has expanded across liquid staking, collateralized lending, synthetic assets, and yield platforms,” said Insights.

Despite this TVL growth, Solana’s fees and DApp revenues have continued to decline. Recent data indicates that Solana’s DApps generated $12 million in the seven days leading up to March 24. This marks a significant decrease from $23.7 million just two weeks prior. Furthermore, base layer fees reached $3.6 million, down from $6.6 million in early March.

Solana has also lost its dominant position in decentralized exchange (DEX) volumes, which is now held by BNB Chain despite having 34% less TVL. From October 2024 to February 2025, Solana held a strong presence in the DEX industry but has seen a decline with rising competition from Ethereum and BNB Chain.

Technical Analysis

Technical analysis of the chart indicates that SOL has formed a bearish falling wedge pattern, similar to what Bitcoin is currently showing. At press time, SOL is trading at $137.5, indicating a 4.76% price drop in the past 24 hours.

This price decline has brought SOL to the neckline of a bearish head and shoulders pattern, with the neckline located at around $136. Technical analysts suggest that if SOL manages to close a four-hour candle below $136, it could result in a 12% drop, potentially reaching $120 in the coming days.

Moreover, SOL has encountered rejection from a descending trendline, which has acted as resistance since January 2025. This rejection, combined with the formation of a bearish engulfing candlestick pattern, further strengthens the bearish outlook.

However, intraday traders appear to be placing bets against this bearish sentiment. Data from Coinglass reveals that traders have amassed $167 million in long positions at the $135 level. Meanwhile, traders have built up $83 million in short positions at the $140 level.

The bearish outlook could shift if Solana breaks above the descending trendline. A daily candle close above $147.50 could potentially lead to a 22% rise, setting a future target of $180.