4 min readWelcome to today’s technical update on Solana (SOL/USD).
Solana has shown notable resilience this week, fully recovering from the sharp correction that took place in early April when price broke below the major support level around $130. Price has now reclaimed that level and is trading back above previous resistance zones, forming a local bullish structure.
At the time of writing this article, Solana is trading around $149.00. Despite ongoing uncertainty in broader risk assets, buyers have defended key support areas, and price action suggests renewed bullish momentum.
Technical outlook
Price has reclaimed the daily 10 EMA during the latest move to the upside and is now comfortably bouncing on it, using it as support in the current uptrend. The 10 EMA sits just below the current price.
Below, the daily 50 SMA is positioned around $132, aligning with the high timeframe support area and providing an additional layer of support if a pullback occurs.
It is also worth noting that Solana has recently broken above a long-term descending trendline. This development contributes to the bullish structure that has been developing over recent sessions.
To the upside, resistance is currently at $157. A sustained break above $157 could potentially open the path toward higher resistance zones like the $180 level, where the daily 200 SMA is also located.
Key levels to watch
Resistance: $157 and the $180 area, aligned with the daily 200 SMA
Support: the 10-day EMA just below the current price, followed by the 50-day SMA at around $132
A sustained break above $157 could potentially open the path toward testing the $180 resistance zone. Conversely, a failure to hold above the 10-day EMA or the 50-day SMA at $132 could indicate a deeper pullback.
While the technical bias remains bullish, traders should remain aware of potential volatility and the importance of these support and resistance levels for short-term price direction.
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