Solana ($SOL ) is currently trading around $145, showing resilience after recent market fluctuations. Technical analysis suggests a potential for bullish momentum if it can consistently hold above the $141 mark, with targets around $157, $180, and potentially $205.

Several factors could influence Solana's performance in May. The increasing anticipation of a spot Solana ETF approval by US regulators is generating positive sentiment. Additionally, the growth of Solana's DeFi ecosystem, with DEX volumes surpassing Ethereum's in the past month, indicates strong network activity and adoption.

However, resistance around the $153-$155 range, defined by a descending trendline, needs to be overcome for further gains. Support levels are established around $140 and $123, which could act as safety nets during potential pullbacks. Overall, the outlook for Solana in May appears cautiously optimistic, contingent on maintaining key support levels and breaking through existing resistance.