$3 Billion in Solana Reached as SOL Price Defends Key Support
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.
SOLUSD Daily Chart, Courtesy: TradingView">
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 SOLUSD 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 SOLUSD 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.