$SOL Solana Faces Key Resistance as Bulls Eye Breakout Above $150
Solana (SOL) kicked off May trading at $149.78, marking a strong recovery from its April low of $115. However, the $153–$155 range continues to act as a major resistance, aligning with a descending trendline that has capped every rally since February. In the past 24 hours, SOL saw a trading volume of $1.289 billion and dipped 0.99%, pushing its weekly loss to 1.36%.
From a technical perspective, SOL is approaching the 0.5 Fibonacci retracement level at $145.19 — a key support zone based on its historical price range of $17.40 to $272.99. The $145–$150 range is a critical battleground: it often serves as a consolidation zone, but a strong breakout above this range could open the door to higher targets.
A sustained move above $150 may push SOL toward the 0.382 Fib level at $175.35, with a further rally potentially reaching $212.67 (0.236 Fib). Conversely, failure to hold above $145 could see a retest of the April support at $115. Solana’s near-term outlook is also shaped by market sentiment and its circulating supply of 518 million coins — a key factor despite its robust $78 billion market cap.
