SOL's Lower Wick Whisperer Returns: Did Someone Say 'Buy the Dip' Again?

A spooky, yet profitable, ghost from Solana's past has materialized on its weekly chart. This spectral pattern, which first showed up in 2023 before SOL mooned by 1,604%, has just made its second appearance after a 142% gain in 2025, suggesting it might be time to stop scrolling and start paying attention.

Analyst WebTrend pointed out that this isn't just any pattern; it's a series of candles with suspiciously long lower wicks. In trader parlance, this means sellers are trying to push the price down, but buyers keep swooping in like degens to a free NFT mint, absorbing all that pressure.

Not to be outdone, crypto trader Bluntz chimed in, suggesting SOL may have finally finished its "accumulation phase"—a fancy term for the period where smart money loads their bags while everyone else is doomposting. This aligns with a breakout from an ascending triangle, a classic chart shape where higher lows get tired of hitting their head on the same ceiling.

The price is now camping comfortably above $93.50, a level that used to be a brick wall. If this pattern holds, the next stop on the hype train is around $120, an old support level that was SOL's home for most of 2024 and 2025. Reclaiming that would be like getting the keys back to your old apartment, setting the stage for a potential run toward $145.

Looking under the hood, the market mechanics are showing tentative green shoots. SOL's open interest has been chilling below $2.3 billion since the February 6 bottom, which is trader-speak for "nobody is going full leverage degen just yet." It's a cautiously optimistic environment, not a reckless one.

On the spot market side, the Cumulative Volume Delta (CVD) has stopped its nosedive over the last month, meaning the relentless selling has finally taken a coffee break. Even in the futures pits, the CVD has improved from a grim -$3.5 billion to a slightly less grim -$2.8 billion since February 24, marking a $700 million reduction in sell pressure.

The aggregated funding rate across exchanges is sitting pretty in neutral territory, meaning neither the bulls nor the bears are having to pay outrageous fees to hold their positions. All told, this recovery is being driven by actual spot buying, not just leveraged hype. The $120 level remains the ultimate vibe check for both price action and trader sentiment.