Analysis of Solana (SOL) on April 29, 2025

1. Current Price Performance

- Current price: $146.64 (down 2.1% today).

- Market capitalization: $68 billion (ranked sixth among cryptocurrencies).

- Trading volume: Exceeded $2.2 billion, indicating continued demand despite fluctuations.

2. Short-term Technical Analysis

- General trend: Bearish on daily and weekly timeframes, with a breakout of previous support structure at $130–122.

- Support and resistance levels:

- Main support: $140–145 (critical testing area).

- Nearby resistance: $150–155 (breaking this could open the door for a rise towards $250).

- Technical indicators:

- RSI: at 61.49 (neutral with a slight upward bias).

- Moving averages: price above the 50-day average ($129.89) and close to the 100-day average ($161.94).

3. Influencing Fundamental Factors

- SOL ETF Funds: Expectations for approval from the U.S. Securities and Exchange Commission (SEC), which could attract institutional investments up to $6 billion.

- Performance of meme coins: The market capitalization of meme coins on the Solana network has recovered to $10.6 billion, with some rising by as much as 73% weekly.

- Growth in DeFi: Trading volume on decentralized platforms exceeded $64 billion monthly, with network fees increasing to $400 million since the beginning.