SOL holds steady as consolidation continues near $74.63 support

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Solana slips 0.09% as activity jumps

Highlights

Solana surpassed one billion weekly non-vote transactions for the first time, demonstrating major growth after the Alpenglow scalability upgrade.
The elevated transaction activity improves confidence in Solana's network stability and demand outlook, though its short-term price remains largely stagnant.
SOL/USD faces short-term bearish pressure but is supported above $74.63, with a high probability of sideways to upward movement toward $77.15.

Transaction surge as network upgrade boosts activity and reliability perceptions

Solana's network recorded over one billion non-vote transactions in a single week for the first time, following the Alpenglow upgrade, according to Finanzen. This operational milestone signals elevated activity levels and increased throughput, reflecting the impact of recent scalability improvements from the network upgrade. The surge in transactional volume may bolster perceptions of reliability and long-term network demand, even as price momentum remains subdued in the short term.

Bullish momentum persists as resistance and overbought signals emerge

Technical analysis places SOL below both its 20-period moving average at $76.22 and the Ichimoku Kijun at $76.39, with these levels acting as immediate resistance. Medium-term support is observed at the 50-period moving average near $75.73, while the long-term 200-period moving average remains distant at $90.13. Momentum indicators—including the Moving Average Convergence Divergence (MACD), Average Directional Index (ADX), and Awesome Oscillator—reside firmly in bullish territory. However, the Commodity Channel Index (CCI) and Bull/Bear Power both reflect overbought readings, suggesting buyer dominance intraday. The Relative Strength Index (RSI) stands at 61.16, indicating buying conditions, though a neutral Stochastic RSI and emerging divergence among oscillators point toward potential exhaustion.

Range-bound outlook as volatility caps near-term price action

Looking ahead to the next two to three sessions, the expected trading range for SOL is $74.63 to $77.15, in line with recent volatility. Price action is most likely to consolidate sideways within this corridor, reflecting a typical volatility band relative to current levels. A decisive break above $76.39 would signal a bullish scenario, while a move below $74.63 would increase the probability of short-term downside risk.

Anton Kharitonov, expert at Traders Union, sees Solana's record transaction volume as a positive operational signal but notes that price action remains constrained below resistance levels. He highlights that technicals show buyer strength but also signs of possible exhaustion. For now, consolidation remains the likely scenario unless a key level gives way. "Until SOL decisively breaks above $76.39, I remain defensive and wait for confirmation before considering a shift in outlook."

Earlier, analysts noted that Solana had entered a period of upward bias, with renewed institutional interest and technical momentum supporting the case for stabilization. The latest surge in network activity following the Alpenglow upgrade adds a fundamental catalyst to this narrative, positioning the $76.39 resistance as a key level that, if breached, could confirm a shift to bullish continuation.

Source of Data: SOL Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.