TLDR
- Solana has surpassed 400 billion total transactions with DEX volume surging 44% to $21 billion in the past week
- SOL is trading near critical support at $145.59 after recently breaking above $150
- RSI has cooled from 70.52 to 50.61, indicating slowing bullish momentum
- A bearish head-and-shoulders pattern has formed between $145-$155, suggesting possible reversal
- Weekly chart shows a potential bullish cup-and-handle formation with a neckline near $300
Solana has reached a major milestone, exceeding 400 billion total transactions as its price hovers around a critical support level. The achievement comes during a period of strong on-chain activity but cooling price momentum for SOL.
The network continues to show robust growth with decentralized exchange (DEX) volume increasing by 44% to $21 billion over the past week. This surge keeps Solana firmly positioned as a leader in the DeFi space.
Since hitting its low of $9.98 in January 2023, SOL has delivered an impressive 1412% rally. This performance makes it one of the top performers of the current market cycle.
The Solana ecosystem has expanded dramatically over the past year. Projects like Pump have generated over $75 million in fees in just the past month. Other major protocols including Raydium, Meteora, Jupiter, and Jito continue to bring in millions in monthly revenue.
Despite these positive developments, SOL’s price momentum has begun to slow. The Relative Strength Index (RSI) has fallen sharply from 70.52 to 50.61 in just four days.
Price Action at Critical Juncture
SOL is currently defending the key $145 support level after recently trading above $150 for the first time since early March. Traders are watching this level closely as it could determine the next directional move.
The cryptocurrency is trading in a consolidation zone between $145 and $155. This range has formed what technical analysts identify as a bearish head-and-shoulders pattern.
If SOL breaks below the $145 neckline, it could trigger further selling pressure. This would potentially push the price toward lower support levels at $137 or even $124.
On the 4-hour chart, a small lower wick on recent candles suggests some buying interest at current levels. The price has found some support at the 50 Exponential Moving Average (EMA).
For bulls to regain control, SOL needs to break above the $155 resistance. This could open the path toward $165, with a possible extension to $180 if momentum builds.
Long-Term Outlook Remains Positive
While short-term indicators show mixed signals, the weekly chart presents a more optimistic picture. A cup-and-handle pattern appears to be forming, which is typically considered a bullish continuation pattern.
The neckline of this formation sits near $300, suggesting significant upside potential if SOL can successfully complete the pattern and break through overhead resistance.
SOL is currently in what appears to be the handle portion of this formation. This suggests it may be in the final stages before a potential breakout.
A successful completion of this pattern could potentially drive SOL to test or even surpass its previous all-time highs.
As of now, SOL is trading around $148, showing minor buying interest but also caution as bearish pressure remains active in the market.
The cryptocurrency continues to benefit from Solana’s growing ecosystem and increasing transaction count. The network recently passed the impressive milestone of 400 billion total transactions.
This achievement underscores Solana’s position as one of the most active blockchain networks in the crypto space.
The current price action for SOL will likely depend on whether it can maintain support at $145. As long as this level holds, the bullish outlook remains intact.
The post Solana (SOL) Price: Trading at Critical $145 Support After 400 Billion Transaction Milestone appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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