Solana’s price has been fluctuating within a narrow range after falling from the $200 mark. However, support levels have seen a slight increase from $175 to $186, indicating that buyers may be gaining control over the rally. This could potentially help the price maintain an upward trend. Additionally, trading volume has been decreasing, suggesting that traders are waiting for the right entry point. The current trading setup indicates that the SOL price is in a demand zone, making it a potentially lucrative opportunity for accumulation.
As one of the top four cryptocurrencies, Solana has been gaining momentum with the introduction of new ETF filings. This could lead to increased mainstream adoption and regulatory developments. Despite facing some bearish pressure in the last 24 hours, the price has shown resilience, with minimal declines over the past week. As a result, the SOL price appears to be on track for a potential breakout above $300 by the end of the first quarter of 2025. However, the Solana platform may encounter a significant obstacle during this period, potentially delaying the possibility of reaching a new all-time high.
One upcoming event that could significantly impact Solana’s price is the token unlock scheduled for March 2025. Over 112 million SOL tokens, valued at over $2.14 billion, will be released. These tokens, previously held by FTX exchange, were sold at a discounted price to institutional players like Figure Markets and Pantera Capital, indicating a strong interest in the token. The unlocking of nearly 23% of the circulating supply is expected to have a substantial effect on the SOL price, placing the token in a critical phase of its trajectory.
The current daily chart for Solana shows the price trading within an ascending triangle on a smaller scale within a broader symmetrical triangle pattern. The price is following an upward trend line, with technical indicators pointing towards a potential rise to the immediate resistance zone between $197 and $200.22. A successful break above this range could lead to further gains, with key resistance levels at the 50-day moving average and the decisive symmetrical triangle boundary. The MACD levels suggest a decrease in selling pressure and a potential bullish crossover, while a significant volume squeeze could trigger a breakout in buying volume.
In 2024, the Solana network saw significant growth, posing a strong challenge to established chains like Ethereum. Despite facing some technical issues, Solana outperformed Ethereum in terms of transaction volume and count. Market participants remain optimistic about Solana’s future prospects, with expectations of continued price appreciation and new all-time highs in 2025. As the platform continues to evolve and attract interest from investors and developers, Solana’s price trajectory remains on an upward trajectory.
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