Solana (SOL) has reached a crucial juncture after exceeding $150 and achieving a significant milestone of 400 billion total transactions.

Even though on-chain activity remains robust, momentum indicators such as RSI and narrowing EMA gaps indicate that the bullish strength is beginning to wane. SOL is currently near a vital support level at $145.59, with potential risks on the downside as well as opportunities for an upswing.

The latest accomplishment for Solana is surpassing 400 billion total transactions, showing a surge in momentum for SOL as its price recently broke above $150 before a minor pullback.

The decentralized exchange (DEX) volume on Solana has seen a substantial increase to $21 billion in the last week, reinforcing its leading position.

Despite experiencing an impressive 1412% rally since hitting a low of $9.98, SOL's RSI has dropped significantly after peaking at 70.52, indicating a slowdown in bullish momentum.

While Solana's EMA lines suggest a bullish pattern, the narrowing gap between short-term and long-term averages reflects a weakening momentum. The current focus for traders is on the key support level at $145.59. If this level is breached, a potential decline to $133.82 and further down to $123.46 is possible. Conversely, a resurgence in buying activity could trigger a move towards resistance at $157 and potentially onward to $180, signaling a revival of the bullish trend.