Solana (SOL) has increased nearly 18% in the past 30 days. SOL's price structure remains technically intact, although some important momentum indicators show signs of weakness.
Meanwhile, Solana continues to dominate DEX volume and blockchain revenue rankings, consolidating its strong position in the broader ecosystem. Here is a more detailed look at Solana's latest technical and on-chain developments.
Solana's Price Structure Remains, But Key Momentum Signals Weaken
Solana's Ichimoku Cloud chart shows the price is testing support near the top of the green cloud.
The green baseline (Kijun-sen) and red conversion line (Tenkan-sen) have flattened and run close to the candles, signaling short-term momentum loss.
The green leading span (Senkou Span A) remains above the red leading span (Senkou Span B), but the narrowing distance indicates weakening price momentum.
Momentum from institutions seems to be increasing, as DeFi Development Corp aims to become the "MicroStrategy of Solana" with a $1 billion plan and a Coinbase report highlighting corporate treasuries moving to Solana.
SOL Ichimoku Cloud. Source: TradingView.If SOL maintains above the cloud, the price structure remains intact, but falling inside could trigger deeper consolidation.
SOL's BBTrend indicator is also weakening, currently at 4.06, sharply down from 10.43 three days ago.
SOL BBTrend. Source: TradingView.Nevertheless, BBTrend has remained positive for 17 days since 04/11, indicating broader momentum still exists.
BBTrend measures trend strength through Bollinger Bands expansion or contraction; a decreasing BBTrend typically signals slowing momentum or consolidation.
If BBTrend continues to decline, SOL may lose additional momentum, but buyers' recovery could still lead to a new breakout attempt.
Solana Continues to Dominate DEX Volume and Application Fees
Solana continues to dominate DEX volume among different chains, recording $20 billion in trading volume over the past seven days.
In the past 24 hours alone, Solana's DEX volume reached $2.4 billion. Over the past week, Solana's DEX volume increased by nearly 32%.
DEX Volume by Chain. Source: defillama.Beyond DEX activity, Solana-based applications dominate the rankings for blockchain revenue and fees.
Six of the top 10 chains and protocols — excluding stablecoins like Tether (USDT) and Circle (USDC) — are directly linked to the Solana ecosystem, with Pump and Jito leading.
SOL at Critical Decisive Zone with 23% Potential Increase on Breakout
Solana's Exponential Moving Average (EMA) continues to maintain an upward trend, with short-term EMAs still above long-term EMAs.
However, SOL is currently trading very close to an important support level at $145, which has become a critical area to watch. If this support level is tested and fails, Solana's price could quickly drop to the next support zone around $133.82.
SOL Price Analysis. Source: TradingView.In case of deeper selloff, the downward trend could extend to $123.41, significantly weakening the current price structure.
Conversely, if buyers return and consolidate the upward trend, SOL could rise to test the resistance level of $157.
A successful breakout above $157 would reinforce price momentum and could pave the way for a move towards $180, providing around 23% profit from the current level.
