Solana (SOL) has faced some short-term pressure, slipping 4.2% over the past week as the broader market took a breather.
However, trading volume has jumped 19.4% in the past 24 hours – a sign that interest is ramping up even as the price edges down 0.7%.
Momentum may be building for a breakout, especially with popular analyst TradingShot forecasting a potential surge to $900 if SOL can flip the $170 resistance level.
With renewed attention and growing network activity, Solana could be gearing up for its next major leg higher.
This resistance aligns with Solana’s 50-week moving average – a level that has historically capped upward moves, making it a critical threshold to watch.
According to TradingShot, the $97 mark serves as key support in the event of a pullback.
However, if SOL can decisively break above $170, it could first surge to $350 to test the upper boundary of its rising wedge – and potentially rally as high as $900 if broader market momentum pushes past that barrier.
His Solana price prediction is grounded in the token’s steady uptrend since December 2022, with price action consistently respecting the rising wedge pattern.
Adding fuel to the bullish case, the weekly Relative Strength Index (RSI) has crossed above the signal line, signaling growing positive momentum.
Market sentiment is also shifting in favor of risk assets.
The Trump administration recently indicated a willingness to negotiate before implementing sweeping tariffs – easing geopolitical tension.
Meanwhile, the U.S. economy contracted by 0.3% in Q1, which could prompt the Federal Reserve to pivot toward rate cuts – a move that historically benefits high-growth assets like SOL.
This Bullish Signal Can Also Result in Significant Gains for SOL
Looking at Solana’s daily price chart, the price broke above the 21-day exponential moving average (EMA) last month with strong volumes.
The price has been finding support at this same indicator in the past few days as it approaches a critical resistance – the 200-day EMA.
A bullish crossover between the 21-day and 200-day EMA will send a strong buy signal that resulted in gains of nearly 66% the last time it happened.
If that’s the case, the price could rise to at least $270 if that EMA breakout occurs. This means that SOL could hit a new all-time high this year as market sentiment continues to improve.
However, momentum indicators are not yet favoring a bullish outlook as the RSI has dropped below the signal line while the MACD’s histogram has sent its first negative readings since April 11.
Moving forward, the key supports to watch stand at $143 (EMA support) and $133 (horizontal support). If the price can stay above those levels, it means that the uptrend is still alive and kicking.
Perhaps SOL will not reach $900 soon but it can still deliver strong gains this year if it can clear these key resistances in the following days.
For investors looking beyond short-term resistance levels, early-stage presales like Solaxy (SOLX) may offer even greater upside potential.
Solaxy Surges Past $33M to Deliver a Crucial Layer-2 Fix for Solana
The Solana blockchain has faced growing pressure during peak usage periods.
Solaxy (SOLX) aims to solve this with a dedicated Layer-2 scaling solution designed to ease congestion and boost performance – a solution that could soon see integration with leading wallets and exchanges.
This project improves Solana’s efficiency by bundling transactions offline in a side chain before sending them to the mainnet.
Its presale event kicked off in December last year and it has raised nearly $34 million in just five months as investors are excited about what a Solana L2 could mean for the entire ecosystem.
$SOLX, the native asset of the Solaxy L2, will experience significant demand once the protocol is massively adopted. Hence, early buyers of this token will reap the highest returns.
To buy $SOLX at its discounted presale price of $0.001714, just head to the Solaxy website and connect your wallet (e.g. Best Wallet).
You can invest using USDT, SOL, or even a bank card – whichever suits you best.
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