Solana Price Skyrockets 12% Overnight: Is $120 Next as Crypto Market Rebounds?

After several days of sharp correction across the crypto market, a wave of cautious optimism is starting to form, and the Solana price is leading the charge. In the past 24 hours, SOL has rebounded by more than 12% signaling a potential recovery phase. This sudden turnaround has reignited interest among investors with many now wondering if Solana could become the catalyst for the next altcoin rally. With rising trading volume and renewed buying pressure, this Solana news may be the spark the market needed.

Solana Sparks Optimism

The Solana news that caught most traders’ attention came from SOL’s approach to a critical trendline. With current levels holding above the support zone near $107, the coin appears poised for further upside. This surge in volume confirms the bulls’ growing grip on Solana’s price. Meanwhile, data showed a drop in open interest, typically a precursor to a trend reversal, one now in motion. However, despite the promising rebound, the analyst suggests that altcoins are still taking a back seat to Bitcoin, with a low reading of 18. As such, while Solana news is trending in a positive direction, expectations of a full-blown rally may need to wait a little longer. 

Solana Price Prediction for April 8

The trading day of April 7 began with bullish momentum, but the trend shifted as a Death Cross appeared on the MACD line at 2:20 UTC, pushing the price downward. With the RSI showing oversold conditions, Solana found support at $95.27. A Golden Cross at 07:00 UTC revived bullish sentiment, leading to an overbought RSI and resistance forming at $112.99. The price fluctuated between support and resistance throughout the day. A second Golden Cross emerged at 17:56 UTC, but bearish pressure quickly returned, carrying over into April 8, 2025.

Chart 1, analyzed by ShwetaCW, published on TradingView, April 8, 2025

On April 8, the day opened with mild bearish pressure. However, bulls regained control between 01:30 and 02:40 UTC, as the RSI once again entered overbought territory. Despite temporary pullbacks, a prolonged oversold RSI trend helped Solana find new support at $107.16. At 08:35 UTC, another Golden Cross on the MACD line signaled fresh bullish momentum. According to the Solana price prediction, if this bullish momentum is sustained, SOL could break above the $112.99 resistance and surge toward $120. Conversely, if the trend reverses, a break below $107.63 may push the price further down, possibly testing the $95 support level again.

What’s Next for Solana?

While Solana’s recent performance has reignited optimism, the broader crypto market sentiment still leans cautious. Despite bullish momentum and signs of recovery, analysts warn that a full altcoin rally may take time. However, strong buy volume and technical indicators suggest that Solana price could maintain its upward trajectory. As per the latest Solana news and technical analysis, if momentum continues, Solana price may break the $112.99 resistance and surge toward $120. On the flip side, if bears take control, the token could fall below the $107 support and dip toward $95.

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