Solana (SOL) has recorded an increase of nearly 18% in the past 30 days, showing significant strength despite some weak signals from important momentum indicators. SOL's technical structure continues to maintain an upward trend, reflecting the market's confidence in this altcoin.
In parallel, Solana continues to affirm its leading position in decentralized exchange (DEX) and excel in blockchain revenue - key factors that consolidate the project's central role in the rapidly expanding blockchain ecosystem. Below is an in-depth analysis of Solana's latest technical developments and on-chain data.
Solana's current Ichimoku Cloud chart shows the price testing a support level near the top of the green cloud, an important point to monitor.
The Kijun-sen (blue base line) and Tenkan-sen (red conversion line) have begun to flatten and are close to the price candles, indicating that short-term momentum is weakening.
The distance between Senkou Span A (green) and Senkou Span B (red) is narrowing, although Span A remains above Span B, reflecting that the price increase momentum may be losing strength.
Interest from large institutions is also forming, with DeFi Development Corp announcing a $1 billion investment plan to become the "MicroStrategy of Solana". Additionally, a report from Coinbase indicates asset shifts from large enterprises to the Solana network.
If SOL can maintain its position above the cloud, the upward trend remains protected; however, if the price drops inside the cloud, it is likely to trigger a deeper accumulation phase.
SOL's BBTrend indicator is currently weakening, dropping sharply to 4.06, a significant decline from 10.43 just three days ago.
Nevertheless, this indicator has remained in the positive zone for 17 days since April 11, suggesting that the overall growth momentum has not completely disappeared.
BBTrend is an indicator that measures trend strength through the expansion and contraction of the Bollinger Band. A decline in BBTrend often signals that momentum is weakening or the market is preparing to enter an accumulation phase.
If BBTrend continues to decline, SOL may lose additional momentum. However, if buying pressure is reinforced, the opportunity for SOL to break out remains intact.
Solana continues to maintain a leading position in DEX trading volume among other blockchains, with a total transaction value of $20 billion in the past week.
In the past 24 hours alone, DEX trading volume on Solana reached $2.4 billion, with an impressive increase of nearly 32% compared to the previous week.
In addition to DEX activity, applications on the Solana platform also dominate the blockchain revenue and fee rankings.
In the top 10 chains and protocols (excluding stablecoins like Tether – USDT and Circle – USDC), 6 names are directly linked to the Solana ecosystem, with Pump and Jito standing out.
Solana's exponential moving averages (EMA) continue to send positive signals, with short-term EMAs remaining above long-term EMAs - a typical characteristic of an upward trend.
Currently, SOL is oscillating near the critical support level at $145 - a key price zone that requires special attention. If this threshold is breached, selling pressure could increase significantly, quickly pushing the price back to the next support area around $133.82.
In a more negative scenario, if selling momentum continues to spread, the downward trend could extend to $123.41 - which would seriously threaten the current price increase structure.
Conversely, if buying pressure returns and dominates, SOL has a complete possibility of rebounding, aiming to challenge the resistance zone of $157. Overcoming this level would consolidate the upward momentum and could open up prospects of conquering the $180 target - equivalent to an increase of about 23% from the current price.
Disclaimer: The article is for informational purposes only and is not investment advice. Investors should thoroughly research before making decisions. We are not responsible for your investment decisions.
Join Telegram: https://t.me/tapchibitcoinvn
Twitter (X): https://twitter.com/tapchibtc_io
Tiktok: https://www.tiktok.com/@tapchibitcoin
Youtube: https://www.youtube.com/@tapchibitcoinvn
SN_Nour
