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Solana price today is trading near $173.65, following a sharp breakout that carried price from the $145 support zone toward a critical confluence resistance near $180. This recent rally has reignited bullish sentiment across the market, but with signs of exhaustion emerging on lower timeframes. After weeks of consolidation, Solana price broke decisively above a multi-month descending trendline on the daily chart, triggering a swift move from the $140–$145 zone to retest the $180 psychological barrier. This move aligns with the 0.5 Fibonacci retracement level ($156.23) from the November 2023 high to April 2025 low, which acted as a springboard for the breakout. On the weekly chart, Solana price action is pushing into the 0.382 retracement level near $189. This zone served as a major distribution point during Q4 2024 and could now pose heavy resistance unless bulls reclaim it with volume. The 4-hour chart reveals early signs of exhaustion. The Stochastic RSI has crossed back down from overbought levels and is now below 20, indicating weakening short-term momentum. Similarly, the RSI on the 30-minute chart has dipped below 50, and MACD has printed a bearish crossover with declining histogram bars. Price has also pulled back after failing to hold above $175. Strong resistance is seen near $179.75, and unless Solana can flip this level decisively, we may see a near-term retracement toward the $167–$170 support range, which aligns with the EMA-20 and 4-hour Bollinger mid-band. One of the more notable developments on the daily chart is the breakout from a classic cup and handle pattern, which had been forming over the last several weeks. The rounded base between March and April established a strong bullish foundation, and the handle’s downward-sloping consolidation was followed by a clean breakout in early May. This bullish continuation structure reinforces the strength behind the recent Solana price spikes, signaling that the current trend has technical backing beyond just short-term speculation. With price now holding above the neckline breakout near $156–$160, the measured move from this pattern gives Solana a theoretical upside projection toward the $190–$200 range, aligning closely with key Fibonacci resistance at $189. The Solana price update for May 12 will largely depend on how price behaves around the $171–$175 short-term zone. If this level holds, buyers may attempt another breakout above $180, targeting $189 and potentially $200, which aligns with the upper trendline of a large ascending channel. However, if price closes below $171, short-term bearish momentum could extend toward the $159–$161 support area. Below that, the 100 EMA at $152.78 serves as the next critical pivot. Despite the pullback, overall Solana price volatility remains bullishly tilted. The daily structure has flipped from lower highs to a potential breakout formation, and weekly candles show strength following the rejection wick in late April. Traders should monitor whether Solana price today holds above the $171–$173 area. A bullish defense here could open doors for a retest of $180 and beyond, while a breakdown might invite further cooling. The broader trend favors bulls, but Solana price action on May 12 will hinge on intraday support stability and broader crypto sentiment. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Former UFC Champion Conor McGregor Proposes Setting Up an Irish Bitcoin Reserve, Pushing Crypto Policy During His Presidential Campaign Former UFC champion Conor McGregor recently proposed a plan to create a national Bitcoin reserve during his Irish presidential campaign, claiming that this move would "give power back to the people." He said he would elaborate on the strategic concept in the upcoming X Spaces and invite Bitcoin community leaders to discuss the details, including Anthony Pompliano, host of "The Pomp Podcast" and Trump's crypto adviser David Bailey. McGregor announced in late March 2025 that he would run as an independent candidate, focusing on anti-immigration and anti-crime issues. If he wins the election, it will be expected that Ireland will join the United States, El Salvador and Bhutan in establishing national Bitcoin reserves. However, McGregor has also been controversial recently for being convicted in a civil sexual assault case (already appealed) and being involved in a hate speech investigation. In addition, the pre-sale of the REAL token project he supports failed, raising only $390,000, less than the minimum threshold of $1 million, and all investors have been fully refunded. (Cointelegraph)

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