Solana (SOL), the fifth-largest cryptocurrency by market capitalization, is currently at a key point as it seeks to profit on the market's recent upward momentum.
Solana has steadily increased from its low of $113 on April 7; zooming out, SOL soared 25% between May 6 and May 10, following the overall altcoin market bounce after Bitcoin broke above $100,000. However, SOL has failed to maintain a price over $180 due to its inability to break through the critical resistance highlighted by its daily 200-day Simple Moving Average (SMA) at $181.
SOL/USD Daily Chart, Courtesy: TradingView
Over the last five days, Solana has approached this level but failed to produce a clean breakout, indicating a strong overhead supply zone. Specifically, since May 10, the SOL price has pressed against the daily SMA 200, seeking to break it. The attempt resulted in highs of $184.80 on May 13, but Solana's price retreated in the following session as bears mounted resistance.
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At press time, SOL was up 1.82% in the last 24 hours to $177 as bulls attempted to surpass the daily SMA 200 once more, reaching highs of $184.86 but failing.
Despite this, Solana fundamentals remain bullish. According to Ali, a crypto analyst, the number of wallets holding 0.1 SOL or more has increased to 11.04 million in the last two weeks.
What’s next?
While Solana's upward move seems to have stalled near the $181 resistance, the bulls have not given up much ground to the bears, which is a bullish sign.
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Another positive development is that the bulls have recaptured the daily SMA 50 at $139.64, which has capped Solana prices mostly since December 2024. An initial attempt to breach this level failed in January, as Solana returned below it.
Solana lost the daily SMA 200 in February this year, effectively flipping the once-held support into resistance. While Solana has passed the first test at the daily SMA 50, setting the stage for its bullish reversal, the next crucial test lies at the daily SMA 200 at $181.
If buyers drive the price above this level, Solana might rise to $210. On the other hand, the immediate support is $168. If the price falls below $168, SOL might drop to $155. Sellers will benefit from a break below the daily SMA 50 at $139.
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