Pressure to sell Solana (SOL) mounts, yet DEX trading volumes skyrocket
Solana (SOL)'s Blazing 18% Gain in 30 Days, but Bearish Signals Loom
Solana's (SOL) meteoric surge has caught the crypto community's attention, with a staggering 18% increase over the past month. However, some technical indicators show signs of weakening, raising eyebrows among traders.
Despite this, Solana's dominance in DEX volume and blockchain revenue rankings refreshes its strong position in the broader ecosystem. Here's an in-depth analysis of the recent technical and on-chain developments for Solana.
Turbulent Technical Landscape for Solana
Solana's Ichimoku Cloud chart presents a complex picture, with the price testing support near the top of the green cloud. The flattening blue baseline (Kijun-sen) and red conversion line (Tenkan-sen) suggest a loss of short-term momentum, while the green leading span (Senkou Span A) remains above the red span (Senkou Span B) but shows signs of weakening.
The BBTrend indicator is also weakening, currently 4.06 down from 10.43 only three days ago. However, it's essential to note that BBTrend has stayed positive for 17 days since April 11, highlighting broader momentum. A falling BBTrend often signals slowing momentum or consolidation.
Despite these bearish signals, institutional momentum appears to be building. DeFi Development Corp aims to become Solana's "MicroStrategy" with a $1 billion plan, and a Coinbase report underscores corporate treasuries migrating to Solana.
If SOL stays above the cloud, the bullish structure remains intact, but a drop inside could trigger deeper consolidation. The price is currently at a critical decision zone, hovering close to the support level of $145. A successful breakout above this level could see SOL rally towards the $157 resistance level, potentially opening the way for a move towards $180, offering around 23% upside.
Solana's Empire Grows Through DEX Volume and Blockchain Revenue
Solana continues to dominate DEX volume, recording $20 billion in trading volume over the past week. In just 24 hours, Solana's DEX volume reached $2.4 billion, and over the past week, its DEX volume increased by nearly 32%.
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.
Navigating the Crypto Rollercoaster with Uphold
Join the journey of exploring new assets with Uphold, where you can enjoy early access to emerging tokens, one-step trading between supported assets, and a multi-asset platform trading crypto, stocks, and precious metals under one roof. Sign up today!
In a bearish scenario, the downtrend could extend further toward $123.41, significantly weakening the current bullish structure. But, if buyers step back in and reinforce the uptrend, Solana could challenge the $157 resistance level and aim for the $180 milestone.
Enrichment Data:- Solana (SOL) currently trades at around ~$148–$150[6], maintaining its position above the 50-day EMA (~$136)[5] and testing the Ichimoku cloud resistance ($137–$152)[5].- Key support levels lie at $137–$140[4][5], whereas a breakout above $152 (100-day EMA) could target $180–$250[1][2].- Bullish development corporations like DeFi Development Corp aiming to invest $1 billion[1] and institutional interest are perceived as potential drivers toward $250[1].- Momentum indicators such as the MACD and lagging Chikou span suggest a possible trend reversal[5], yet analysts note increasing institutional backing that could reignite momentum towards $180 in May[2].- Solana's dominance in DEX volume and blockchain revenue[3][5] demonstrates its strong foundation, paving the way for long-term growth targets of $250–$400 in 2025[5][1].
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is dedicated to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Keep updated on our Terms and Conditions, Privacy Policy, and Disclaimers.
- Solana's (SOL) 18% surge over the past month has sparked interest within the crypto community, despite some bearish signals emergent on the Ichimoku Cloud chart and the BBTrend indicator.
- The flattening blue Kijun-sen and red Tenkan-sen lines on Solana's Ichimoku Cloud chart indicate a loss of short-term momentum, while the Senkou Span A remains above Senkou Span B, albeit showing signs of weakening.
- DeFi Development Corp intends to emulate MicroStrategy's institutional investment in Solana, aiming for a $1 billion plan, and a Coinbase report indicates corporate treasuries migrating to the Solana network.
- A drop below the Ichimoku cloud could trigger consolidation, with the price currently at a critical decision zone close to the support level of $145. However, a successful breakout above this level could send SOL rallying towards the $157 resistance level, potentially reaching $180, offering approximately 23% upside.
- Solana continues to lead DEX volume, achieving $20 billion in trading volume over the past week, and its DEX volume increased by nearly 32% in just 24 hours.
- Beyond DEX activity, Solana-based applications dominate blockchain revenue and fee charts, with six of the top ten chains and protocols excluded for stablecoins directly tied to Solana's ecosystem.
- As Solana navigates the volatile crypto market, users can amplify their potential gains with a platform like Uphold, where they can access emerging tokens, trade seamlessly between assets, and operate in a multi-asset ecosystem that houses crypto, stocks, and precious metals.
