Solana Retreats After $168 Breakout, Focus Shifts to 200-Day EMA Support

• Solana reached $168 after a strong breakout but retraced to $159.90 amid decreasing momentum.
• The 200-day and 20-day EMAs at $153 serve as immediate support zones for SOL’s price structure.
• Trading volume dropped 33%, signaling weaker buyer activity despite a 2.39% daily price increase on July 13.

Solana (SOL) broke above a key descending trendline on July 11, reaching a high of $168 before pulling back. The breakout came after several weeks of price consolidation below resistance, marking the completion of a falling wedge pattern. Strong trading volume supported the breakout, pushing SOL beyond the $165 target level.

The upward movement encountered resistance near $168, leading to a minor pullback. By July 12, SOL dropped to $159.90 as sellers reacted near recent highs. Despite the decline, the price remained above prior resistance, now acting as short-term support.

Breakout Pattern Confirms, But Momentum Slows

As of the latest data, SOL trades just above the 200-day exponential moving average (EMA), plotted near $153. This EMA, shown in purple, intersects with the top of the previous consolidation range. It now serves as a key support zone. Below that, the 20-day EMA, marked in yellow and also near $153, offers a second level of support.

In the event price does not manage to remain higher than the two, the 50-day EMA at $146 is next. All these moving averages are still below the current price, which is an indication that the majority trend is still there. These levels will define which direction is to follow next after being traded at. The blue MACD line in the MACD chart maintains an upward position above the orange signal line.

However, the histogram bars are falling. This pattern shows reduced momentum following the breakout. A bearish crossover could occur if the current trend continues. Volume supported the breakout, but momentum has cooled since the peak. Traders are now monitoring whether the support levels can stabilize price.

Solana Current Market Trend Revealed

According to CoinMarketCap data at the time of press, Solana (SOL) traded at $161.96 on July 13, marking a 2.39% daily price increase. The market capitalization rose to $86.84 billion, gaining 2.48% in 24 hours. Trading volume declined sharply by 33.04%, totaling $3.28 billion during the same period. 

The chart shows steady price growth from $158.03 to a peak above $164 before retreating. Activity peaked around 3:30 PM before entering a minor decline. Volatility increased slightly during the late session, but the overall trend stayed positive. SOL maintained upward momentum throughout the day despite reduced volume. Market data confirmed a solid performance within a short-term bullish price structure.

Given the current price action,  Solana’s next move will rely on whether it holds the 200-day EMA and ascending support. A successful bounce could resume the previous uptrend. Failure to hold may lead to deeper retracement toward the 20-day or 50-day EMAs. The response at these levels will guide the short-term trend.