The post Solana Price Consolidates Above Key Highs, EMAs Offer Strong Support appeared on BitcoinEthereumNews.com.

The Solana price has been in bulls hands over the past few weeks, holding over key long term resistance, turning them into supports levels. The cryptocurrency broke out from a descending price channel in April, and is now consolidating around a tight range. This consolidation suggests support at major levels,  indicating a signal for a bigger move. The technical structure of Solana seems promising as the price trades with exponential moving averages (EMAs) as dynamic support below the price. Based on the current trend, Solana could soon begin breaking higher. This will possibly mark the impending next leg to the upside for the coin. Solana Price Key Support Holding Above Former Highs Looking at 4-hour charts, it’s evident that the Solana price has a solid support situated at a level, which was formerly a defining resistance. Solana’s price was consolidating above a critical support zone at $144.97 and around $148. In mid April, this area had been the resistance zone, and in flip it is now providing stability to the price action. This is healthy price structure. Resistance turning into support usually means strength and it adds to confidence in bulls. Above this resistance-turned-support area the consolidation means that Solana is currently in a healthy correction. It also could mean a consolidation phase signaling a potential upward trend. Handily, Solana price has held up well above a long line of increasing highs on the 4 hour chart as well. It quickly rebounded to the above $112, then, after a sharp drop to around $112 in the early April. Then it surged through resistance levels. It has since set into this narrow consolidation band and there is potential for a breakout or further consolidation based on the hold of the support at $145. EMAs Confirm Bullish Market Structure for the Solana…

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Filed under: News - @ May 2, 2025 12:20 am