Solana’s price has been fluctuating within a narrow range after dipping from the $200 mark. However, the support levels have increased from $175 to $186, indicating that buyers are slowly gaining control over the market. This could help the price maintain an upward trend. Additionally, the decreasing volume suggests that traders are waiting for the right entry point. The current trading setup suggests that SOL is in a demand zone, making it an attractive option for potential gains.
As the fourth top cryptocurrency, Solana is gaining momentum with new ETF filings, which could boost mainstream adoption and regulatory acceptance. Despite facing some bearish pressure in the last 24 hours, the price has remained relatively stable over the past week. This stability indicates a potential breakout above $300 by the end of Q1 2025. However, the platform may face challenges in achieving a new all-time high in the same period.
One significant event to watch out for in March 2025 is the unlocking of over 112 million SOL tokens, valued at $2.14 billion. These tokens were previously held by FTX exchange and sold at a discounted rate to institutions like Figure Markets and Pantera Capital. This unlocking could have a significant impact on SOL’s price rally, potentially pushing it into a crucial phase.
The daily chart of Solana shows that the price is currently trading within an ascending triangle on a smaller scale within a symmetrical triangle on a larger scale. The technical indicators suggest a potential rise to the immediate resistance zone between $197 and $200.22. A break above this range could lead to further gains towards the 50-day MA at $205.13 and the major resistance level near $210.
Despite the possibility of a bearish pullback, the MACD levels indicate a decrease in selling pressure and a potential bullish crossover. Additionally, the token is experiencing a squeeze in trading volume, which could result in a significant breakout and push the price towards key resistance levels at $216, $224, and $242 before potentially surpassing the previous all-time high.
In 2024, the Solana blockchain saw significant growth, posing a tough competition to established chains like Ethereum. Despite facing challenges and outages, Solana managed to outperform Ethereum in transaction volume and count. This has instilled confidence in market participants, leading to a bullish outlook for Solana’s price in 2025. Overall, the platform is expected to maintain an upward trend and potentially reach new highs in the coming year.