The price of the Solana cryptocurrency shows resilience, remaining above key support levels. The current consolidation and structural indicators suggest the possible continuation of an upward trend.
Support at Previous Highs
On the 4-hour charts, it is evident that the Solana price is firmly holding at a level that was previously a resistance. It is consolidating above a critical support zone at $144.97 and around $148. This area, having flipped from resistance to support, showcases stability in price action.
EMA-Based Support
The current behavior of Solana's price indicates a bullish trend since the exponential moving averages (EMA) are positioned below the price and are moving upward. This creates significant support beneath the price, reinforcing confidence in the bullish structure.
Breakout from Descending Channel
The price of Solana has successfully broken out of a long-term descending price channel on the daily chart. The decisive breakout that occurred in early April ended the bearish trend and initiated a bullish one. Since this breakout, Solana has been trending upward, forming higher lows and higher highs, confirming the uptrend.
With the current support indicators and upward momentum, Solana is confidently moving forward. Although volumes may suggest potential corrections, the bullish structure remains intact.
