Solana has been trading within an ascending wedge pattern on the hourly timeframe, showing persistent bullish momentum despite recent consolidation. The cryptocurrency is currently trading near the 140.98 level, having rebounded from the channel’s lower boundary in the previous trading sessions.
Key Solana Levels to Watch
The price action shows Solana maintaining its position within the ascending wedge that has defined its movement since April 11. The upper boundary of this wedge currently sits around 142.00, representing immediate resistance, while the lower boundary provides support around 136.50.
In terms of key horizontal levels, immediate resistance is seen at the recent high of 141.50, followed by the psychological level at 145.00 should the uptrend continue. On the downside, support can be found at 138.00, coinciding with the middle of the wedge, followed by stronger support at 136.50 where the lower channel line and the 100-period moving average converge.
SOLUSD Technical Analysis
The blue 100 SMA is positioned above the red 200 SMA, confirming that the path of least resistance remains to the upside. This moving average configuration supports the bullish bias as long as price remains above both indicators.
The oscillators at the bottom of the chart provide mixed signals but with a slight bullish bias. The stochastic indicator (shown in the purple shaded area) has recently bounced from the oversold zone and is now heading upward, suggesting increasing buying momentum. This bounce from the lower boundary of the stochastic range indicates that sellers may be exhausting their pressure and buyers are stepping in.
The MACD indicator (represented by the histogram and dual-line formation in the middle panel) shows a recent crossover with the blue line crossing above the orange line, indicating a shift toward bullish momentum. The histogram bars are also transitioning from red to green, reinforcing this bullish signal.
However, traders should note that both oscillators have shown multiple reversals within their respective ranges over the past week, indicating that the market has been experiencing alternating periods of buying and selling pressure. This suggests that while the overall trend is bullish, short-term volatility remains a factor to consider.
Solana Price Outlook
The current technical setup suggests that Solana is likely to continue its upward trajectory within the ascending wedge pattern. After finding support at the lower boundary around 136.50, Solana appears poised to test the upper wedge boundary near 142.00 in the short term.
If buyers can push the price above this upper boundary with conviction, we could see Solana extending its gains toward the 145.00-150.00 area. Such a breakout would confirm the strength of the underlying bullish trend and potentially accelerate the upward movement.
Conversely, if sellers regain control and push the price below the lower wedge boundary and the 200-period moving average (red line), it could signal a potential trend reversal. In this scenario, Solana might find support at the 130.00 psychological level, which aligns with previous price action in mid-April.
Looking at the bigger picture, as long as Solana maintains its position above both moving averages and continues to respect the ascending wedge, the bias remains bullish.
The recent consolidation phase near the upper part of the channel suggests accumulation rather than distribution, which is typically a precursor to another leg higher. With the stochastic indicator turning up from the oversold region and the MACD showing improving momentum, the probability favors a continuation of the uptrend in the near term.