Solana's recent trading activity has garnered attention as the asset tests resistance at $250 within a rising wedge formation.
Rising Wedge Formation and Resistance Test
The chart structure for Solana has revealed a rising wedge pattern, a formation often associated with slowing momentum. Price action has climbed steadily since May, supported by higher lows along the ascending trendline. Resistance has created a narrowing channel, now being tested near the $250 level.
As noted by analyst IncomeSharks in a recent analysis, "so far that resistance is still holding. Happy to remove the squiggles if we get a close higher." This cautious stance reflects the market’s hesitation, as buyers briefly pierced above resistance but failed to secure a strong close.
Market Structure and Liquidity Strength
At the time of writing, Solana trades around $243.55 with a market capitalization of $132.14B. The fully diluted valuation (FDV) stands at $148.51B, supported by 542.56M SOL in circulation out of a total 609.75M supply. Approximately 89% of tokens are unlocked, narrowing the gap between FDV and market cap.
The supply model shows "max supply = ∞," indicating Solana’s inflationary design. While this is an important factor for long-term investors, short-term movements remain driven by liquidity and demand conditions. Current volume reflects an active market with enough depth for both bullish and bearish positioning.
Key Levels for Buyers and Sellers
Technical focus is now centered on immediate support and resistance levels. The $240 zone serves as near-term support, tested during the latest pullback. A break below this threshold on volume could shift price toward $232–$235, where demand last entered.
On the upside, the $248–$250 range remains the short-term trigger for continuation. A decisive close above this zone would challenge the current bearish bias of the wedge and open targets near $255–$260.
Thus, Solana's market activity remains under close scrutiny as the cryptocurrency tests key levels, where further movements will depend on confirming breakouts or retracements to support.
