Solana (SOL) is making waves in the cryptocurrency market with its recent price surge and bullish price action. With President-elect Donald Trump showing interest in prioritizing SOL and XRP for America’s first strategic reserve, the spotlight is shining brightly on SOL.
On January 17, 2025, SOL experienced a significant price surge of over 6.5% in the past 24 hours, reaching around $212. The trading volume also saw an impressive 85% jump, indicating a surge in participation from traders and investors.
Technical analysis experts have identified a bullish double-bottom price action pattern forming on the daily timeframe for SOL. This pattern suggests a potential breakout from a trendline that has been in place since November 2024. If this breakout occurs, SOL could see a 22% increase, reaching the $265 level in the near future.
Despite a recent 18% surge in price over the last three days, SOL’s Relative Strength Index (RSI) is still below the overbought area. This indicates that there is still room for significant growth in the coming days.
On-chain analytics firm CoinGlass reported a significant inflow of over $59.15 million worth of SOL onto exchanges. This movement suggests that long-term holders may be looking to sell their holdings, potentially creating selling pressure and causing a price decline. However, the current market sentiment is positive, and this influx of SOL onto exchanges may not have a significant impact on the price.
In a recent post on X (formerly Twitter), a prominent crypto expert highlighted that a technical indicator named TD Sequential is flashing a buy signal for Solana (SOL). This additional bullish signal adds to the growing optimism surrounding SOL’s price potential.
Overall, SOL’s current price momentum, bullish price action pattern, and positive market sentiment indicate that the cryptocurrency is poised for further upside potential in the near future. Investors and traders are closely monitoring SOL as it continues on its upward trajectory in the market recovery.