- Solana holds strong above $120 as institutional accumulation continues amid cautious sentiment.
- Technical patterns suggest bullish potential, with RSI and MACD showing moderate momentum.
- Stablecoin growth and long positions point to confidence in SOL’s long-term structure.
Solana (SOL) has entered a key phase of price consolidation, with $120 continuing to act as its most important support level. Market participants are closely monitoring this zone, especially as Solana trades within a narrow range while broader crypto sentiment remains cautious ahead of macroeconomic developments.
Price Consolidates While Volume and RSI Suggest Near-Term Uncertainty
Solana is currently trading around $147, posting a modest 1.99% increase over the past 24 hours. The asset has remained relatively stable over the past week with a gain of 1.57%, despite growing volume and demand shifts. According to an update shared by Gemxbt on X, $SOL was the most mentioned ticker in the last hour, underlying increased interest.
Technical indicators show a mixed outlook. The 20-day moving average was recently breached to the upside, suggesting some short-term strength. However, the Relative Strength Index (RSI) is at 57.54, which points to increasing momentum but still remains below overbought territory. The MACD also reflects bullish pressure, yet volume patterns hint at possible near-term profit-taking.
SOL’s recent trading action has developed from a falling wedge pattern that formed between late 2024 and early 2025. According to an analysis shared on X, the support at $120 is structurally important. Price recently rebounded from the $142 level, aligning with this long-standing pattern.
Long-Term Structure Builds as Institutions Accumulate SOL
Solana’s blockchain infrastructure has seen upgrades in April 2025 following the discovery of protocol vulnerabilities. According to Solana Labs CEO Anatoly Yakovenko, rapid validator patching was completed before public disclosure to ensure network stability. This swift action was credited for maintaining institutional trust.
Institutional buying has continued during this phase. DeFi Development Corp. and SOL Strategies disclosed combined purchases exceeding $29 million worth of SOL in recent filings. According to Coinglass, futures long/short ratio reached 1.04, indicating more long positions in the market.
The stablecoin supply on Solana has also risen, nearing $13 billion in 2025. Analysts from TradingView note that SOL remains in a bull flag pattern, with a projected price target of $220 if the $120-$130 support zone continues to hold.
