Here's the latest Solana update for May 8, 2025:

Current Price and Market Status

Solana's price is currently $146.50, recovering from a short-lived dip below the $144.50 zone. However, the price action stalled under the $149 resistance, indicating market hesitation near the upper boundary of the current consolidation range.¹ ²

Technical Indicators$SOL

- *RSI*: Short-term momentum is losing steam, with the 15-minute chart RSI hovering near 40 after peaking above 70 on May 7.

- *MACD*: The MACD has crossed below its signal line with fading histogram strength, implying weakening bullish pressure.

- *Bull Flag Pattern*: Solana has formed a bull flag pattern on the daily chart, suggesting a potential breakout towards $220, representing a 53% gain from the current level of $145.93.³

Key Support and Resistance Levels

- *Support Zone*: $120 – $130

- *Intermediate Target*: $178

- *Bull Flag Breakout Target*: $220

- *Immediate Support*: $144.56

- *Key Intraday Resistance*: $149.28

- *Bullish Breakout Target*: $155.43

Recent Developments

- *DigitalX Increases Solana Holdings*: DigitalX Limited has increased its Solana holdings, allocating proceeds from the DigitalX Fund to acquire 18,944 SOL, valued at approximately $4.36 million.

- *Solana Stablecoin Market Cap*: Solana's stablecoin market cap has reached a record $13 billion, with a 156% year-to-date increase.

- *Solana TVL and DEX Volume*: Solana's Total Value Locked (TVL) has climbed to $7.65 billion, and it leads the market in daily decentralized exchange (DEX) volumes, processing $2.61 billion daily.⁴