Solana (SOL) surges 2.39% to $161.96, market cap hits $86.84 billion

Solana (SOL) experienced a significant price movement, reaching a high of $168 after breaking through a key descending trendline on July 11. This breakout followed several weeks of price consolidation below resistance, completing a falling wedge pattern. The strong trading volume supported the breakout, pushing SOL beyond the $165 target level. However, the upward momentum encountered resistance near $168, leading to a minor pullback. By July 12, SOL had dropped to $159.90 as sellers reacted near recent highs. Despite the decline, the price remained above prior resistance, now acting as short-term support.

The 200-day and 20-day exponential moving averages (EMAs) at $153 serve as immediate support zones for SOL’s price structure. These EMAs intersect with the top of the previous consolidation range and now act as key support levels. Below these, the 50-day EMA at $146 offers additional support. All these moving averages are still below the current price, indicating that the overall trend remains bullish. The MACD chart shows the blue MACD line maintaining an upward position above the orange signal line, but the histogram bars are falling, indicating reduced momentum following the breakout. A bearish crossover could occur if the current trend continues.

On July 13, SOL traded at $161.96, marking a 2.39% daily price increase. The market capitalization rose to $86.84 billion, gaining 2.48% in 24 hours. However, trading volume declined sharply by 33.04%, totaling $3.28 billion during the same period. The chart shows steady price growth from $158.03 to a peak above $164 before retreating. Activity peaked around 3:30 PM before entering a minor decline. Volatility increased slightly during the late session, but the overall trend stayed positive. SOL maintained upward momentum throughout the day despite reduced volume, confirming a solid performance within a short-term bullish price structure.

Given the current price action, Solana’s next move will rely on whether it holds the 200-day EMA and ascending support. A successful bounce could resume the previous uptrend. Failure to hold may lead to deeper retracement toward the 20-day or 50-day EMAs. The response at these levels will guide the short-term trend. Traders are now monitoring whether the support levels can stabilize price, as the reduced momentum and declining volume signal weaker buyer activity despite the recent price increase.