Solana's 18% Gain in 30 Days Despite Weakening Momentum

Solana (SOL) has experienced an 18% increase over the past 30 days, maintaining a bullish structure despite some weakening in key momentum indicators. The Ichimoku Cloud chart shows the price testing support near the top of the green cloud, with the blue baseline (Kijun-sen) and red conversion line (Tenkan-sen) flattening and running close to the candles, indicating a loss of short-term momentum. The green leading span (Senkou Span A) remains above the red span (Senkou Span B), but the narrowing distance suggests weakening bullish momentum.

Institutional momentum appears to be building, with DeFi Development Corp aiming to become “Solana’s MicroStrategy” with a $1 billion plan. A report highlights corporate treasuries migrating to Solana, further reinforcing its strong position in the broader ecosystem. Despite the weakening momentum, Solana continues to dominate DEX volume and blockchain revenue rankings. Over the last seven days, Solana recorded $20 billion in trading volume, with a 32% increase in DEX volume over the past week. Six of the top 10 chains and protocols are directly tied to the Solana ecosystem, with Pump and Jito leading the charge.

Solana's Exponential Moving Average (EMA) lines remain bullish, with short-term EMAs positioned above the long-term ones. However, SOL is trading close to a critical support level at $145. If this support is tested and fails, the price could drop to the next support zone around $133.82. In a deeper selloff scenario, the downtrend could extend further toward $123.41, significantly weakening the current bullish structure. On the other hand, if buyers step back in and reinforce the uptrend, SOL could rally to test the $157 resistance level. A successful breakout above $157 would strengthen the bullish momentum and potentially open the way for a move toward $180, offering around 23% upside from current levels.

Solana's BBTrend indicator is also weakening, currently at 4.06, down sharply from 10.43 three days ago. Despite this, BBTrend has stayed positive for 17 days since April 11, showing that broader momentum remains. The BBTrend measures trend strength through Bollinger Band expansion or contraction; a falling BBTrend often signals slowing momentum or consolidation. If BBTrend keeps falling, SOL could lose more momentum, but a buyer recovery could still lead to a fresh breakout attempt.