Solana's Current Price Stays Enigma at $145 Support Mark Following Achievement of 400 Billion Transactions Milestone
Let's dive into the latest news surrounding SOLana, the leader in DeFi space that's recently hit a monumental milestone of 400 billion transactions!
A Giant Leap for SOLana
SOLana's growth story continues with 44% surge in DEX volume to $21 billion during the past week. This remarkable achievement cements SOLana's position at the heart of the DeFi juggernaut.
The SOL Story
Trading around $148, SOL has clocked an impressive 1,412% rally since its low of $9.98 in January 2023. The cryptocurrency has been one of the top performers of the current market cycle, attracting loads of attention from investors worldwide.
Pumping Up the Ecosystem
The SOLana ecosystem has seen rapid expansion over the past year. Projects like Pump have gathered over $75 million in fees in just the past month, with other major protocols such as Raydium, Meteora, Jupiter, and Jito generating millions in monthly revenue.
The Bearish Front
Despite these positive developments, SOL's price momentum has started to slow. The Relative Strength Index (RSI) has dropped sharply from 70.52 to 50.61 in just four days, signaling a cooling in bullish sentiment.
Critical Support at $145
SOL is currently trading near the critical support level of $145.stable support here could potentially reignite the bullish momentum.
Bearish Head-and-Shoulders?
A bearish head-and-shoulders pattern might be forming between $145-$155. If SOL breaks below the $145 neckline, this could trigger further selling pressure and push the price down to $137 or even $124.
Long-Term Prospects: Bullish Cup-and-Handle
However, on the weekly chart, a bullish cup-and-handle pattern is beginning to take shape. If SOL successfully completes this pattern and breaks through overhead resistance, we could see the price soar toward the $300 neckline in the coming weeks.
The Way Forward
While the short-term outlook is showing mixed signals, the long-term prospects for SOL remain optimistic. Keep a close eye on SOL's journey as it attempts to maintain support at $145 and surpass its previous all-time highs.
** Enrichment Insights:**
- Recent analyses predict SOL can trade between $119–$150 by April 2025, with resistance near $152.52 and a close above $140 paving the way toward $150 by month-end [1][2].
- In May, SOL could potentially surge to $300–$320 if bullish momentum persists, with CoinCodex forecasting a drop to $132.72 (-6.84%) by May 30 before rebounding [3].
- Q4 2025 targets for SOL center around $250–$400, conditional on adoption rates and technical improvements. Raoul Pal estimates a potential 20x rally, implying prices above $400 [4][5].
- Bullish signals for SOL include breaking above the 50-day EMA ($136.13) and the MACD hinting at bullish divergence for May [1].
- Regulatory challenges, competition, and network congestion are key risks to SOL's growth [4][5]. Analysts advise keeping a close watch on the critical resistance zone of $137–$152 [1][3].
- The remarkable surge in DEX volume on Solana's network, amounting to $21 billion in the past week, has solidified its position as a key player in the DeFi market.
- Despite the recent slowdown in price momentum, Solana trading around $148 hasregistered an impressive 1,412% rally since its low of $9.98 in January 2023.
- Projects within the Solana ecosystem, such as Pump, have been generating significant revenue, with over $75 million in fees accumulated in the past month alone.
- The long-term outlook for Solana remains optimistic, as a potential bullish cup-and-handle pattern is beginning to form, suggesting a possible price surge toward the $300 neckline in the coming weeks.
