Solana price movement is on a strong ascent given the price rising to intraday highs of $135.58 late on Thursday. The coin’s value has risen by 10.4% in the last seven days, which has generated a strong bullish sentiment to steer the long weekend.
The upbeat performance by SOL has seen the Solana chain beat all other chains in DEX trading volume in the last week. The chain recorded volume worth $15.74 billion, beating Ethereum’s $14.93. However, Solana price has been spiking long wicks on its candlesticks near $135 for the last three days, signaling that a consolidation could be setting in.
The SOLUSD trading pair was up by 0.8% and at $132 at the time of writing. Furthermore, the 24-hour trading volume was up by 44%, indicating investors’ appetite for SOL despite the rising price. A continuation of that trend in the near-term could help the coin breach the $135 barrier.
Solana’s uptrend is also linked to a significant spike in activity on Pump.Fun. The meme coin launch platform recorded 5.91 million transactions, accounting for 41% of all Solana dApp activity on Wednesday. That denotes rising utility for SOL, which augurs well for the coin’s upside potential. The coin’s daily Volume Weighted Moving Average (VWMA) is $118 as of this writing. At its current level, the price is 11.2% above the VWMA point. That creates a solid foundation for SOL price to keep rising.
Solana price will likely stay on the uptrend if the price stays above $131. The first resistance will likely be at $135. However, a stronger momentum will break above that level and test $138.
On the downside, SOLUSD will likely find its initial support at $126. Breaking below that level will invalidate the upside thesis. In addition, an extended control by sellers could take the price lower to find the second support at $122.
This post was last modified on Apr 17, 2025, 16:07 BST 16:07