Solana (SOL) is the best-performing token in the top 5 in terms of weekly gains as it has delivered a 4.4% positive return to investors during this period, aided by the rising popularity of a handful of meme coins.
Tokens like Fartcoin (FART) and Popcat (POPCAT) attracted significant trading volumes to Solana’s decentralized exchanges last week as they managed to defy the market’s downturn and delivered double-digit and even triple-digit returns in a short period.
DEXs like Orca and Raydium have seen their trading activity go up lately as President Donald Trump’s decision to pause the implementation of tariffs lured traders back into the market as volatility eased.
This temporary tailwind has managed to propel the price above the $140 level briefly.
The popular crypto trader Ali Martinez shared on X an interesting chart that showed two key areas to watch for Solana (SOL) during the week.
The most relevant support based on where the strongest buying pressure has been spotted currently stands at $129. Hence, a break below this marker could result in a trend reversal for SOL in the near term.
Meanwhile, Ali highlighted that the $144 level is key to bulls as a push above this price zone will likely result in an explosive move.
Solana Breaks Out of Falling Wedge Pattern as Bullish Momentum Builds
Solana has broken out of a falling wedge pattern on the 12-hour chart – a classic bullish reversal setup – suggesting that a strong upside move may be underway.
The breakout follows a sustained period of higher lows and tightening price action, with SOL now trading near $139.50 after reclaiming key territory.
Momentum indicators support the bullish thesis: the RSI is holding at 61.9 and trending higher, while the MACD histogram continues to print green, indicating growing strength behind the move.
If SOL maintains this momentum, the next key resistance sits around $150. A clean break above this level could open the door to a swift rally toward $175 and beyond.
As Solana’s price structure turns bullish, its ecosystem continues to heat up – with meme coins like Fartcoin (FART) drawing fresh attention and surging trading volumes.
To tackle the congestion issues Solana has faced in the past, a new layer-two scaling solution called Solaxy (SOLX) is preparing for launch.
Don’t Miss Your Chance to Get In Early on Solaxy ($SOLX) – Solana’s First Layer-2 Solution
Both meme coins and a growing decentralized finance (DeFi) ecosystem have kept pushing transaction volumes higher within the Solana network, the need for an L2 is more evident than ever.
Solaxy (SOLX) will be a key piece of the puzzle to help decentralized apps thrive in the Solana blockchain. This side chain will bundle transactions offline to alleviate the mainnet’s burden and increase its efficiency.
The developing team has already shared exciting updates about the project. They have collaborated with top blockchain firms like Sovereign Labs and Hyperlane to test the L2 in the Solana devnet and have had satisfactory results.
$SOLX, the native asset of the protocol, will experience high demand once top wallets and exchanges embrace Solaxy.
Apart from its upside potential, $SOLX offers attractive staking rewards of 130%.
To buy $SOLX, head to the Solaxy website and connect your wallet (e.g. Best Wallet).
You can join the presale by swapping USDT, SOL, or ETH for the token – or simply use a bank card to make your purchase.
The post Can Solana Smash Through $140 and Ignite a Parabolic Run? The Charts Hint at an Explosive Move appeared first on Cryptonews.
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