Solana (SOL) has been up nearly 18% over the last 30 days. SOL’s bullish structure remains technically intact, although some key momentum indicators show signs of weakening.
At the same time, Solana continues to dominate DEX volume and blockchain revenue rankings, reinforcing its strong position in the broader ecosystem. Here’s a closer look at the latest technical and on-chain developments for Solana.
Bullish Structure Intact for Solana, But Key Momentum Signals Weaken
Solana’s Ichimoku Cloud chart shows the price testing support near the top of the green cloud.
The blue baseline (Kijun-sen) and red conversion line (Tenkan-sen) have flattened and run 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 points to weakening bullish momentum.
Institutional momentum appears to be building, as DeFi Development Corp aims to become “Solana’s MicroStrategy” with a $1 billion plan and a Coinbase report highlighting corporate treasuries migrating to Solana.
SOL Ichimoku Cloud. Source: TradingView.
If SOL stays above the cloud, the bullish structure remains intact, but a drop inside could trigger deeper consolidation.
SOL’s BBTrend indicator is also weakening, currently 4.06 down sharply from 10.43 three days ago.
SOL BBTrend. Source: TradingView.
Despite this, BBTrend has stayed positive for 17 days since April 11, showing that broader momentum remains.
The BBTrend measures trend strength through Bollinger Band expansion or contraction; a falling BBTrend often signals slowing momentum or consolidation.
If BBTrend keeps falling, SOL could lose more momentum, but a buyer recovery could still lead to a fresh breakout attempt.
Solana Continues To Dominate DEX Volume and App Fees
Solana continues to dominate DEX volume among different chains, recording $20 billion in trading volume over the last seven days.
In just the past 24 hours, Solana’s DEX volume reached $2.4 billion. Over the past week, Solana’s DEX volume has increased by nearly 32%.
DEX Volume by Chain. Source: DeFiLlama.
Beyond DEX activity, Solana-based applications dominate the charts regarding blockchain revenue and fees.
Six of the top 10 chains and protocols — excluding stablecoins like Tether (USDT) and Circle (USDC) — are directly tied to the Solana ecosystem, with Pump and Jito leading the charge.
SOL at Key Decision Zone With 23% Upside Potential on Breakout
Solana Exponential Moving Average (EMA) lines remain bullish, with the short-term EMAs still positioned above the long-term ones.
However, SOL is now trading very close to a critical support level at $145, which has become an important area to watch. If this support is tested and fails, Solana price could quickly drop to the next support zone around $133.82.
SOL Price Analysis. Source: TradingView.
In a deeper selloff scenario, the downtrend could extend further toward $123.41, significantly weakening the current bullish structure.
On the other hand, if buyers step back in and reinforce the uptrend, SOL could rally to test the $157 resistance level.
A successful breakout above $157 would strengthen the bullish momentum and potentially open the way for a move toward $180, offering around 23% upside from current levels.
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