March was a tough month for Solana, but April promises potential recovery thanks to rising open interest.
Solana’s Decline in March
Throughout March, Solana faced a significant decline of 6.8%, as part of the broader downward trend in the crypto market. The most notable drop occurred on March 28, when the SOL token fell by over 7%, decreasing below the $130 mark. Persistent pressure on the crypto market complicates recovery, even with strong technical fundamentals in place.
Hopes for April
April might be the month where Solana can rebound from March losses. One key indicator is the surge in open interest, which now exceeds $5 billion. Such activity often precedes major market moves. Analysts predict a possible return of the bullish trend if resistance between $160 and $180 is broken.
Optimistic Forecasts
Experts forecast Solana's potential growth to $263 by July, marking a 102% increase from current levels. However, significant obstacles remain, including regulatory pressure and Bitcoin's dominance. Despite this, Solana maintains growth potential due to its speed and rich ecosystem.
Solana could be one of the unexpected stars of the spring market. If April trends hold, Solana might rise to $235, becoming a positive surprise for investors.
