Is The Solana Bottom In? Experts Answer
Summary
Scott Melker highlighted a critical support-resistance setup for Solana (SOL), noting a bounce off the $112 support level. A double bottom pattern would require a breakout above $147, with caution advised until that occurs. SOL's recent rebound reinforces $112 as significant short-term support. A major unlock of $200 million in SOL is set for April 4, marking the largest single-day unlock until 2028. This event has sparked discussions, with some traders optimistic that the bulk of significant unlocks is nearing completion. Historically, major unlocks can lead to price stabilization if anticipated sell-offs do not occur. However, caution remains as some traders warn of potential volatility. At press time, SOL traded at $115.
