Solana (SOL) has recorded an increase of nearly 18% in the last 30 days, showing significant strength despite some weakening signals from key momentum indicators. The technical structure of SOL remains bullish, reflecting market confidence in this altcoin.
At the same time, Solana continues to assert its leading position in the decentralized trading (DEX) space and excels in blockchain revenue – key factors reinforcing the project's central role in the rapidly expanding blockchain ecosystem. Below is an in-depth analysis of the latest technical developments and on-chain data for Solana.
The bullish structure remains intact, but momentum signals are weakening.
The current Ichimoku Cloud chart for Solana shows that the price is testing the support level near the top of the green cloud, an important point to monitor.
The Kijun-sen line (blue baseline) and Tenkan-sen line (red conversion line) have begun to flatten and are close to the price candles, indicating that short-term momentum is weakening.
The gap between Senkou Span A (green) and Senkou Span B (red) is narrowing, although Span A still remains above Span B, reflecting that the bullish momentum may be losing strength.
Interest from major institutions is also forming, as DeFi Development Corp announces plans to invest $1 billion to become the 'MicroStrategy of Solana'. Additionally, reports from Coinbase indicate a shift of assets from large enterprises to the Solana network.
If SOL can maintain above the cloud, the bullish trend remains protected; however, if the price drops inside the cloud, it could likely trigger a deeper accumulation phase.
The BBTrend indicator of SOL is currently weakening, dropping sharply to 4.06, a significant decline from 10.43 within just three days.
Nevertheless, this indicator has remained in the positive zone for 17 days since April 11, indicating that overall growth momentum has not completely disappeared.
BBTrend is an indicator that measures trend strength through the expansion and contraction of the Bollinger Band. A decrease in BBTrend typically signals that momentum is weakening, or the market is preparing to enter an accumulation phase.
If BBTrend continues to decline, SOL may lose additional momentum. However, if buying strength is reinforced, the opportunity for SOL to break out remains intact.
Solana continues to dominate in DEX trading volume and application revenue.
Solana maintains its leading position in DEX trading volume among other blockchains, with a total trading value of $20 billion in the past week.
Just in the past 24 hours, DEX trading volume on Solana reached $2.4 billion, with an impressive increase of nearly 32% compared to last week.
In addition to DEX activity, applications on the Solana platform also dominate the revenue and fee rankings of blockchain.
In the top 10 chains and protocols (excluding stablecoins like Tether – USDT and Circle – USDC), there are as many as 6 names directly linked to the Solana ecosystem, notably Pump and Jito.
SOL is in a decisive zone with a potential increase of 23% if it breaks out successfully.
The exponential moving averages (EMA) of Solana continue to signal positively, as short-term EMAs remain above long-term EMAs – a typical characteristic of a bullish trend.
However, SOL is currently hovering just above the important support level at $145 – a critical price area that needs to be closely monitored. If this level is breached, selling pressure could increase significantly, quickly pulling the price back to the next support area around $133.82.
In a more negative scenario, if selling momentum continues to spread, the bearish trend could extend to the area of $123.41 – which would seriously threaten the current bullish structure.
Conversely, if buying pressure returns and dominates, SOL has the potential to bounce back, aiming to challenge the resistance area of $157. Surpassing this level would reinforce the bullish momentum and could open up the prospect of conquering the target of $180 – equivalent to an increase of about 23% from the current price.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.