Solana (SOL) has risen nearly 18% over the past 30 days. The bullish structure of SOL remains technically unchanged, although some key momentum indicators suggest weakening.
At the same time, Solana continues to dominate DEX volumes and blockchain revenue rankings, strengthening its strong position within the broader ecosystem. Here’s a closer look at the latest technical and on-chain developments for Solana.
The bullish structure for Solana is maintained, but key momentum indicators are weakening.
The Ichimoku Cloud chart for Solana shows that the price is testing support near the top of the green cloud.
The blue base line (Kijun-sen) and the red conversion line (Tenkan-sen) have aligned and are running close to the candles, signaling a loss of short-term momentum.
The green leading span (Senkou Span A) remains above the red span (Senkou Span B), but the narrowing distance indicates weakening bullish momentum.
Institutional momentum seems to be building as DeFi Development Corp aims to become the 'MicroStrategy of Solana' with a $1 billion plan, while a Coinbase report highlights the migration of corporate treasuries to Solana. If SOL remains above the cloud, the bullish structure will remain intact, but a fall inside may trigger deeper consolidation.
The BBTrend indicator for SOL is also weakening, currently at 4.06, which has sharply decreased from 10.43 three days ago. Despite this, BBTrend has remained positive for 17 days since April 11, indicating that broader momentum is maintained.
BBTrend measures trend strength through the expansion or contraction of Bollinger Bands; a decline in BBTrend often signals a slowdown in momentum or consolidation.
If BBTrend continues to decline, SOL may lose more momentum, but a recovery of buyers could still lead to a new breakout attempt.
Solana continues to dominate DEX volumes and application fees.
Solana continues to dominate DEX volumes across various chains, recording $20 billion in trading volume over the past seven days.
In just the last 24 hours, Solana's DEX volume reached $2.4 billion. Over the past week, Solana's DEX volume has increased by nearly 32%. Apart from DEX activity, Solana-based applications dominate the revenue and fees rankings of the blockchain.
Six out of ten top chains and protocols — excluding stablecoins like Tether (USDT) and Circle (USDC) — are directly linked to the Solana ecosystem, with Pump and Jito leading this process.
SOL is in a key decision-making zone with the potential for a 23% increase in case of a breakout.
The exponential moving average (EMA) lines for Solana remain bullish, with short-term EMAs still positioned above long-term ones.
However, SOL is currently trading very close to a critical support level at $145, which has become an important zone to watch. If this support is tested and fails to hold, the price of Solana could quickly drop to the next support zone around $133.82. In the event of a deeper drop, the downward trend could continue to the mark of $123.41, which would significantly weaken the current bullish structure.
On the other hand, if buyers reactivate and strengthen the upward trend, SOL could rise to test the resistance level at $157.
A successful breakout above $157 will strengthen bullish momentum and potentially open the way for a move towards $180, offering approximately 23% growth from current levels.#BinanceSquare #Squar2earn #Write2Earn #crypto #Binance $SOL
