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According to CoinMarketCap, in the last 24 hours alone, Solana has recorded nearly $3 billion in trading volume, reflecting increased market volatility.
The crypto market saw mixed trading action in the early Tuesday session; while Bitcoin and some crypto assets were slightly up, several crypto assets, including Solana, were seeing losses.
At press time, SOL was down 1.12% in the last 24 hours to $147. After reaching highs of $157 on April 21, SOL has since steadily declined. If current conditions prevail, today would mark the fifth consecutive day of losses for the cryptocurrency.
However, despite the steady decline, Solana’s price has remained above $145, indicating that bulls are not ready to give up ground. Holding this level suggests that buyers might still be active, guarding against further drops. A decisive close below could indicate a shift in short-term momentum and potentially open the door for a decline toward the daily SMA 50 at $130.
A slight advantage for the bulls is that they have not given up much ground to the bears. Maintaining the $145 support level might pave the way for a potential rebound, particularly if broader market sentiment stabilizes or turns bullish. That increases the likelihood of a move toward the daily SMA 200 at $181.
Solana awaits major move
Solana (SOL) may be on the verge of a major move as it forms a textbook-perfect cup and handle pattern.
"Zooming out, Solana appears to form a textbook-perfect cup and handle pattern," crypto analyst Ali stated in a recent X post, sharing a screenshot of the SOL/USD weekly chart. The cup and handle pattern resembles a teacup, with a rounded bottom (the "cup") followed by slight downward consolidation (the "handle").
This classic technical setup is frequently regarded as a bullish continuation pattern, resulting in strong upward momentum if validated.
With technical signals aligning and a strong interest in the Solana ecosystem, traders and investors are closely watching SOL's next move.
Vladislav Sopov
Dan Burgin