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Solana (SOL) Weekly Review: Key Support Holds, But Volume Drops Raise Caution Flags

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  • Solana price stabilizes above critical $162 support amid lower volatility.
  • Alpenglow upgrade slashes transaction finality from 12 seconds to 150 milliseconds.
  • Analysts predict moderate price fluctuations for Solana through 2025, with potential slight ROI.

Solana (SOL), which is one of the leading Layer 1 blockchain platforms, is trading at $166.61, up just 1.30% from where it stood earlier. The trading volumes, though, have declined considerably by as much as 30% in the last 24 hours to $3.8 billion. During the previous week, it lost 4.80% to trade at $166.62.

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Source: Coinmarketcap

Solana is experiencing a sound consolidation process within an established trading channel. All support at $162 is strongly supported by bullish momentum, as much as there is muted underlying volume and prevailing market indecision.

The Relative Strength Index (RSI) stands at a neutral 66.54, showing scope for further upside before becoming overbought. The MACD indicator, on the other hand, suggests an imminent change in momentum, indicating that traders can keep an eye on developing trends.

The technical arrangement shows bullish inclination as price remains above the 20-day exponential moving average (EMA). There is decreased volatility exhibited by Bollinger Bands width at 10.16% as well as DMI values in favor of buyers, who retain command while consolidating.

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Source: X

Alpenglow boosts Solana protocol efficiency

A revolutionary upgrade, known as “Alpenglow,” has dramatically improved Solana’s protocol efficiency. In contrast to conventional Layer 2 solutions or sidechains, Alpenglow redefines transaction processing at its fundamental level, cutting transaction finality from 12 seconds down to an incredible 150 milliseconds. This game-changing pace brings Solana nearer to real-time internet infrastructure, ushering in an incredibly smoother user experience.

Formerly dependent on Proof of History for ordering transactions, Solana was plagued by latency issues affecting apps that require instant confirmation, like decentralized games or buying an NFT. The Alpenglow update substitutes that process with an even faster consensus mechanism baked into the chain, allowing transactions to settle quicker than Web2 heavy hitters like Visa or PayPal.

This update propels Solana’s potential for interactive decentralized apps, such as real-time auctions and high-frequency trading, while keeping its decentralization and security aspects intact. Solana stands alone as the one Layer 1 blockchain capable of supporting real-world, high-frequency use cases directly, without needing auxiliary scaling solutions.

Solana 2025 Price Range Forecast

In the future, technical predictions indicate Solana’s price will oscillate within a range. In 2025, forecasts suggest that the minimum price can go as low as $137.63 or as high as $152.74, with an average price of $167.85. This means an estimated negative return on investment (ROI) of about -7.6%.

For May 2025, Solana’s average price prediction is about $161.18, ranging from $154.82 to near $167.54, which shows a relatively positive ROI of about 1.4%. A cautious strategy is recommended to traders, balancing risk and rewards posed by tight consolidation areas, declining volumes, and moderate liquidity levels.

Active traders may be looking to consider buying entry points at $162 to $165, where targets as high as $180 can be taken, and even tighter stops below $159 to limit downward risk. In case of failure of that important $162 support, shorting could target $141, but tight stops will be necessary.

Related Reading | Binance Pushes to Dismiss FTX’s $1.76B Clawback Suit Over Legal Flaws

Solana Price Targets $200 After Explosive Cup-Handle Breakout

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  • Solana’s price tests major $170-$185 range as bullish breakout versus pullback risk continues.
  • A confirmed breakout through $200 could send SOL to $220 and all-time highs.
  • Solana dApps made $1.16 billion in Q1 2025, highlighting solid ecosystem fundamentals in the face of recent downturns.

Solana (SOL) has caught the crypto market’s eye again, testing key levels after hitting $184. The token struggles to hold above the $170 zone, sparking debate between bulls and bears. While some foresee a strong rally, others warn of a pullback due to potential overheating from recent gains.

Market sentiment is split, but optimism lingers as Bitcoin and Ethereum fuel altcoin momentum. Traders are closely watching Solana’s price structure, noting how $170–$185 has become a pivotal region. Bulls view it as consolidation before another breakout, while skeptics point to overbought conditions that may soon lead to short-term corrections.

Solana’s Potential for New All-Time Highs

Crypto analyst Ali (@ali_charts) also observes a notable cup-and-handle formation starting on Solana’s chart. A clean breakout above $200 would validate this classic bullish setup, indicating continuing upward strength and expanding investor enthusiasm, that may trigger further purchases and propel prices still higher.

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Investors have set $200 as a psychological and technical tipping point. If SOL stays above this point, many expect further swift gains. A breakout would be expected to confirm the bullish case, possibly driving the token into new all-time highs, subject to maintained volume and market support.

Additionally from price action, Solana’s ecosystem fundamentals also stand as a reliable tailwind. Solana dApps in March 2025 last made $146 million in revenue—46% of total Web3 dApp income. While that is down from $650 million in January, this is a welcome cooldown. Areas of memecoins and DEXs declined but are indicative of increased market maturity.

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Potential Breakout Levels $200–$220 Range

Despite the dip in March, Q1 2025 was historic for Solana. Total dApp revenue for Solana-based applications reached $1.16 billion—the all-time quarterly high. It was driven byJanuary and the first couple of weeks of February, cementing Sol’s position as a high-performance platform for Web3 and decentralized applications.

Now, SOL is trading near $170.48, pulling back from its recent high. Price briefly broke past the 200-day EMA ($162.21) and SMA ($181.16), indicating strength before the seller reclaims the $185 resistance. This region has in the past been shown to be challenging, with numerous failed breakout efforts cementing its status as a significant price barrier. 

SOLUSDT 2025 05 15 05 52 03

Despite a 3.5% daily decline, the overall trend remains bullish if SOL stays above the 200EMA. The higher-low structure is intact, hinting at healthy consolidation. A close above the 200SMA could confirm a fresh leg higher, targeting $200–$220. Failure to hold $162 support may risk a drop toward $150.

Read More: SOL Price Prediction 2025: Can Solana Break $300 Despite SEC’s ETF Postponement?

From $150 to $300? Solana’s Roadmap to a Major Breakout

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  • Solana remains strong above $170, gaining 10% weekly and 28% over the past month.
  • Bitcoin’s surge past $100K has fueled fresh momentum across altcoins, including SOL.
  • Key resistance levels ahead include $196.22, $238.80, and $290.16, with eyes on $300.
  • Bullish structure holds above $150, supported by strong fundamentals and rising ecosystem growth.

Solana (SOL) is showing impressive strength amid the ongoing crypto market rally, holding steady near the $170 level after a brief pullback from recent highs. Despite this minor dip, SOL continues to trade within a strong bullish trend.

Over the past week, the token has gained nearly 10%, while its performance over the last 30 days shows a significant 28% increase. This upward movement has placed Solana among the top-performing altcoins during the latest market surge.

SOL 7D graph coinmarketcap 3
Source: CoinMarketcap

The broader cryptocurrency market is currently experiencing a bullish phase, largely driven by Bitcoin’s breakout above the $100,000 level. This milestone has sparked renewed optimism among investors and triggered a wave of gains across major altcoins. SOL has benefited from this momentum, maintaining solid price action and attracting growing interest from traders and long-term holders alike.

Solana Gears Up for Breakout Toward $300

According to a recent analysis from Rose Premium Signal, Solana’s bullish structure remains intact as long as the price stays above the key support level at $150. The analysis suggests that if the current momentum continues, SOL could be on track to reach the $300 mark. This level is considered a major psychological target and could pave the way for further gains if breached.

In terms of price action, Solana is currently eyeing several important levels. The first target is at $196.22, which serves as immediate resistance. Beyond that, the next potential upside level is $238.80, followed by $290.16. A successful move beyond these levels could open the door to a test of the $300 zone, where strong investor interest is expected to come into play.

image 186 1

Solana’s technical indicators remain favorable, and its recent performance reflects growing bullish sentiment across the market. With strong fundamentals, expanding ecosystem growth, and increasing developer activity, Solana is well-positioned for further upside.

As long as Bitcoin maintains its strength and market sentiment stays positive, Solana could continue to climb, making it one of the key altcoins to watch in the weeks ahead.

Read More: Ethereum on the Brink of a Major Rally: Can ETH Reach $4,201 in the Coming Weeks?

Solana’s Bollinger Bands Are Squeezing: Big Move Incoming?

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  • Solana’s Bollinger Bands on the 4-hour chart are tightening, indicating that a move in price would be imminent.
  • The technicals are pointing to building bullish momentum in the short to medium term.
  • SOL is currently trading at $147.38 with a 0.71% gain on the day, indicating buying pressure is building.

Cryptocurrency traders are closely monitoring Solana’s (SOL) price for a possible upward movement in price. A recent analysis shared by crypto chart expert Ali revealed that the crypto’s Bollinger bands on the 4-hour timeframe are “tightening” at the moment.

This tightening usually precedes the start of a price rise. The Bollinger bands consist of three lines plotted on a price chart. It has a middle, upper, and lower band.

The wider the bands, the greater the price fluctuation for an asset. If the area between such bands is small, prices will remain steady. The Bollinger band squeeze occurs when both the upper and lower bands move toward the middle and has generally predicted a huge price movement.

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Source: X (@ali_charts)

Bollinger Bands Suggest Solana’s Price Is Likely to Alter

Ali’s chart shows Bollinger Bands, which signal price action, tightening. This narrowing reveals that SOL’s price stayed within a small range and might be gearing up to make a bigger move soon.

However, one can note that the Bollinger bands do not indicate whether the price would break out in the direction of an uptrend or a downtrend. Hence, other indicators are usually employed to confirm the direction of the breakout.

Technicals Show Growing Bullish Momentum

In the meantime, recent data from TradingView indicates that Solana’s native cryptocurrency is trading at $147.38 after appreciating by 0.71% in value over the last day. Technical indicators also suggest that SOL’s price could trend upward in the short to medium term.

Using the daily timeframe, the first sign of a bullish momentum is that the green candle shows that the closing price was higher than its opening price. It is worth noting that each candlestick represents a day’s trading.

Also, the relative strength index (RSI) for Solana is currently 59.54, which suggests that the coin is neither overbought or oversold and it’s in a neutral territory. However, the upward direction of the RSI indicates rising buying pressure, which is another proof of the bullish momentum.

The MACD also confirms that a price breakout to the upside will happen. The MACD line has crossed over the signal line and is moving above the zero line. Also, the MACD histogram bars are green, a further confirmation of this price prediction.

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Source: TradingView

Crypto Analyst Sees Solana Hitting $2K—Is a Breakout on the Way?

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  • Crypto analyst CryptoCurb predicts that Solana could reach a price of $2,000 based on current growth trends.
  • Solana is trading at $140 with strong network activity and rising trading volume.
  • Analysts expect a short-term breakout to $150 as user adoption and capital inflows grow.

Solana is gaining momentum as bullish trends continue to strengthen across its ecosystem. Crypto analyst CryptoCurb projects a sharp rise in Solana’s value. According to him, SOL could reach $2,000 based on current data and adoption trends.

Short-Term Upside Points to $150 Before Long-Term Surge

At present, Solana holds a market valuation of $140 as user activity on its network increases and trading volumes expand. Investment analysts anticipate Solana prices will cross $150 in the near future due to increasing buying momentum. Numerous network entities and user subscribers affirm a positive short-term price trajectory for Solana.

A 36% increase in the daily trading volume within 24 hours provided evidence that network activity increased simultaneously as market demand grew. The amount of contracts open on Solana surged 10% past $5.5 billion because major investors have begun to return to the marketplace. Historical market data indicates price jumps will occur after this type of increase.

The introduction of the first SOL ETF during the Canadian launch instilled additional strength into this market trend. Wider market exposure to Solana became possible through ETFs, which boosted both price movement and network expansion further. Numerous market analysts think this advancement will establish the basis for the upcoming price surge.

Solana Network Activity Outpaces Rivals

Solana emerged as the most active blockchain platform after reaching 28.4 million active addresses weekly based on seven-day pacing. During this time, Solana completed 369 million transactions, exceeding Tron, BNB Chain, Base, and Bitcoin. High usage combined with increasing practical usage patterns indicates a strong trend.

The Web3 market maintains high interest in Solana because of its fast performance capabilities, which drive diverse Web3 projects toward gaming finance and decentralized applications sectors. Developers choose Solana because they can benefit from its inexpensive transaction fees and quick processing speeds, which drive overall ecosystem expansion. These beneficial features maintain higher adoption levels.

Major DeFi and NFT platforms have fully integrated Solana as the central infrastructure of their operations. Upgrades that run persistently allow the network to prevent system slowdowns and outages for enhanced reliability. Such reliability has made Solana an attractive solution for Web3 scalability development.

$2,000 Price Target Hinges on Adoption and Market Trends

CryptoCurb examines Solana’s market development using the performance data from Ethereum’s previous bull market. According to him, Ethereum attained a $600 billion market value even though it faced scalability challenges during its development. The faster protocol of Solana aims to attain a $1 trillion valuation when its value reaches $2,000.

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Source: X

According to his assessment, Solana stands to surpass Ethereum in the future when steady adoption growth occurs. SOL will establish itself as the number one altcoin because of its solid foundation, growing network data, and higher capital inflows. Solana’s projected growth trajectory follows the historical track of Ethereum’s market expansion.

The CryptoCurb team foresees a rapid market movement while refusing to disclose any specific date for its occurrence. Major price movements will occur when markets interact with user base expansion. The given momentum strength suggests a rising chance of reaching the $2,000 price target.

Solana (SOL) Surges 20% in a Week, Breaks Resistance and Eyes Higher Targets

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  • Solana has gained 1.34% in the last 24 hours and 20% over the past week, signaling a strong recovery.
  • After dipping to $96, SOL rebounded quickly and is now trading around $134, reclaiming key resistance levels.
  • Around 71.87% of Binance traders are currently holding long positions on SOL, showing bullish sentiment.
  • If SOL holds above $130 and consolidates, it could continue its push toward the $150 mark.

Solana (SOL) is back in bullish territory, making a strong comeback after recent market turbulence. The smart contract platform has gained nearly 1.34% in the past 24 hours and is up an impressive 20% over the last seven days, as bulls regain control and push prices higher.

Just days ago, SOL dropped to a local low of $96 amid broader market sell-offs driven by macroeconomic uncertainty and risk-off sentiment. However, the dip was short-lived. Solana has since staged a remarkable recovery, climbing back above key resistance levels and now trading around $134. The swift rebound underscores growing investor confidence and a return of bullish momentum.

SOL 1M graph coinmarketcap
Solana (SOL) Surges 20% in a Week, Breaks Resistance and Eyes Higher Targets 14

Market sentiment appears to be shifting in favor of the bulls. According to data shared by prominent analyst Ali, a notable 71.87% of traders on Binance with open SOL positions are betting on continued upside. This overwhelming long positioning signals strong expectations of a sustained rally.

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SOL Flips Trend, Targets Higher After Holding $130

Adding to the optimism, another crypto analyst noted that Solana is showing technical strength after bouncing off weekly support. “So far so good,” they remarked. “SOL is now trying to flip the local downtrend and could gain more ground if it consolidates in the $130–$140 range before making another move.”

image 166

The resurgence of meme coin activity may also be contributing to SOL’s upward push. As speculative energy returns to the altcoin market, Solana, often a beneficiary of heightened meme coin trading on its fast and low-cost blockchain, is poised to ride the wave of renewed interest.

With key resistance levels already cleared and growing momentum on the charts, SOL appears set to challenge higher targets in the days ahead. Traders are now watching closely to see if Solana can hold above $130, form a higher low, and extend its bullish leg toward the $150 mark and beyond.

Related Reading | Dogecoin (DOGE) Breakout: H4 Chart Confirms Bullish Reversal

Solana Crashes 15% as Whales Dump $46M—More Pain Ahead?

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  • Solana’s price fell sharply this week due to increased selling pressure from whale activity.
  • Four major wallets unstaked and transferred $46 million worth of SOL to exchanges within 24 hours.
  • The largest transaction came from a wallet that moved $30.3 million worth of SOL alone.

Solana (SOL) prices experienced a significant decline of 15% throughout this week due to substantial whale offloading behavior leading to increased selling pressure. The recent 24 hours brought about $46 million worth of SOL transfers from four high-value wallets that executed unstaking actions. These aggressive market actions strengthened existing negative market forces, resulting in a substantial decrease in investor confidence.

The Solana whale wallet ‘HUJBzd’ initiated the most significant transaction of $30.3 million SOL offloaded through this account. The SOL sales from ‘BnwZvG,’ ‘8rWuQ5, and ‘2UhUo1’ totaled $9.47 million, $3.53 million, and $3 million, respectively. The past seven days have witnessed SOL’s continuous market deterioration because of these substantial trading activities.

The sharp decrease in SOL price during this week totaled 14%, while the month ended with a loss exceeding 18%. The price of SOL currently stands at $115.91, as it has decreased by 3% during the latest 24-hour period. The sustained market pressure drove SOL’s price below its essential support regions, which is alarming the industry observers.

Solana Drops as Selling Pressure Grows

Macroeconomic uncertainty creates persistent pressures on cryptocurrency markets that exacerbate difficulties for SOL. The announcement from Donald Trump regarding his reciprocal tariff plans triggered market instability, which affected both stock and cryptocurrency markets at the same time. The negative market sentiment affecting risk assets has become worse, leading to SOL and other cryptocurrencies experiencing a tough period.

Coin and Bitcoin prices declined together with Bitcoin after an overall market pullback occurred. According to Matrixport, Bitcoin could duplicate the stock market movements during the next period, thus affecting altcoins’ performance. Extended selling activity might affect Solana cryptocurrencies when stock markets see further declines.

Solana did not manage to isolate itself from overall market fluctuations during the current week, despite showing resilience in past periods. The successive waves of selling pressure made the coin’s price drop worse while putting long-run support levels at risk. The current investment climate includes examination of possible technical recovery points because market conditions remain highly uncertain.

Analysts See Breakout Potential for Solana

The banking system faces multiple issues that are likely to drive Solana prices downward, according to prevailing market analysis trends; however, analysts still predict positive Solana outcomes. The analyst Brandon Hong predicts Solana stands close to achieving a substantial technical transformation beyond its 400-day price range. The price is likely to visit new highs after resistance levels get overcome, according to his prediction.

The market projection exists as an opposite view to ongoing price decreases, although some traders expect a price turnaround when market stabilization occurs. According to Hong’s analysis, there are specific price levels where a rise might start after volume rises. A shift in market sentiment together with decreased selling pressure would become necessary for such a price outcome to materialize.

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Source: X

Solana faces persistent pressure from market trends and major investor activity until its situation changes. The market needs definitive evidence about direction change before it will validate additional price depreciation. 

Solana Cup and Handle Pattern Hints at Major Price Surge

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  • Solana forms a cup and handle pattern, signaling a possible bullish breakout.
  • Analysts predict Solana could reach $3,800 if the pattern is confirmed.
  • Solana is trading at $125 after a recent price decline of 1.39%.

Solana (SOL), the sixth-largest cryptocurrency by market capitalization, is showing signs of forming a cup and handle pattern. This bullish technical formation suggests an upward breakout that could push Solana to new price levels. However, recent market movements and technical indicators present optimism and caution for traders and investors.

Solana Forms Cup and Handle Pattern

SOL price movements create a traditional cup and handle formation, showing bullish potential for increased value. The cup part includes a rounded bottom component, followed by a handle section that displays slight downward movement before a potential breakout. Based on their analysis, experts believe Solana will reach $3,800 in the long term, given that the pattern is successful.

The value of SOL stands at $125, as the market experienced a 1.39% decrease during the last 24 hours. The price drops do not challenge the cryptocurrency’s potential future rally, provided its support zones remain intact. The confirmed breakout from the handle point would create a substantial price increase while drawing additional market participants toward Solana trading.

Ali, a crypto analyst, presented a technical analysis chart that strengthens positive outlooks. A remarkable growth of 2,940% predicts the asset will reach $3,800 if market expectations play out. The prediction stays optimistic, but market enthusiasm and rising implementation across industries can sustain long-term expansion.

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Source: X

Solana Faces Short-Term Pressure Amid Death Cross Formation

Despite positive market forecasts, Solana triggered a technical indicator that signified downward momentum when the 50-day moving average rose above the 200-day moving average. The technical relation shows downward momentum when the 50-day moving average outpaces the 200-day moving average. The daily SOL chart revealed this bearish sign to traders on March 12.

The price of SOL plunged to $112 on Monday, thereby establishing its most significant downturn during the past twelve months. The cryptocurrency has experienced five consecutive days of decline because investors show caution and markets face widespread difficulties. A breakdown from $125 support until $110 support could trigger a SOL price decline down to $80 and below.

SOL’s price may indicate positive change if it stays above its current support area. The support zone needs to remain stable to defend against negative market forces that aim to restore investor trust. 

CME Launches Solana Futures as Institutional Interest Grows

The Chicago Mercantile Exchange (CME) plans to introduce Solana futures, which will launch on March 17 as part of its new offerings. These Solana futures emerged as some of the initial regulated derivatives available in the American market after Coinbase presented its SOL futures earlier in February. Regulated derivatives participation at institutions would boost SOL’s reputation while establishing future market adoption.

The introduction of futures contracts delivers new trading opportunities to traders for SOL price management and speculation. The boost in market institutions drives asset liquidity, which minimizes price movement fluctuations. Through wider adoption, traditional financial institutions’ participation in SOL-related products will build sustainable long-term growth potential.

SOL shows ambiguous signs through its technical data without weakening its probable future growth. A cup and handle chart formation indicates bullish market forces, although short-term technical indicators indicate additional market drops are likely.

Whale Moves $64.4M in Solana Amid 6% Drop—What’s Next for SOL?

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  • Whale accumulation signals confidence in Solana despite ongoing market decline.
  • Supertrend indicator suggests bearish momentum, reinforcing cautious trader sentiment.
  • RSI and MACD indicate strong selling pressure, hinting at potential short-term rebound.

Solana (SOL) has witnessed significant whale activity, reinforcing investor confidence despite market fluctuations. Recent data from Lookonchain reveals that a whale withdrew 96,180 SOL, worth approximately $12.45 million, from Binance and staked it in a newly created wallet. 

Additionally, Whale Alert recorded a massive transfer of 500,000 SOL, valued at $64.4 million, from Bybit to an unidentified wallet. These large transactions indicate a pattern of accumulation rather than liquidation, suggesting that investors remain committed to the project’s long-term potential.

Crypto expert Ali noted that Solana’s price is experiencing a macro trend shift, suggesting a potential change in its long-term trajectory. Market trends often transition between bullish and bearish phases, impacting investor sentiment. Traders utilize indicators like the Supertrend to analyze such movements and determine market direction.

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Source: X

Supertrend Indicator Points to Bearish Sentiment

The Supertrend indicator, which tracks price action and volatility, has shifted to a sell signal for SOL. The indicator remains above the price, reinforcing bearish sentiment. 

When the price stays below the Supertrend, it signals a potential downtrend, prompting traders to anticipate further declines. If Solana’s price manages to recover above key resistance levels, sentiment may shift, but for now, the indicator suggests caution.

Market Trends and Solana’s Price Action

Solana’s price has faced a notable decline over the past week. As of press time, SOL trades at $132.37, reflecting a 6.34% drop in the past 24 hours and a 26% decline over seven days. 

The market capitalization stands at $65.8 billion, with a 24-hour trading volume of $6.48 billion. Despite this downward movement, the asset remains a focal point for investors, driven by its strong fundamentals and continuous network development.

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SOL/USD daily price chart, Source: Trading view

The Relative Strength Index (RSI) currently stands at 25.42, indicating oversold conditions. An RSI below 30 typically suggests extreme selling pressure, which could lead to a short-term rebound. However, it does not guarantee a reversal of the overall bearish trend.

Additionally, the Moving Average Convergence Divergence (MACD) indicator reflects strong downward momentum. The MACD line at -18.79 remains below the signal line at -15.03, confirming persistent bearish pressure. Negative histogram bars further reinforce the downward trend, signaling continued weakness in price movement.

Raoul Pal: Solana Oversold, Signals Strong Rebound Ahead

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  • Solana remains a key focus despite a broader market decline, with analysts predicting a potential rebound.
  • Expert trader Raoul Pal believes SOL is oversold and may soon experience significant price growth.
  • SOL’s Relative Strength Index dropped to its lowest level since 2022, signaling a possible recovery.

Solana’s price has remained a key focus despite the broader market decline. Expert trader Raoul Pal believes the coin is oversold and may rebound soon. Market indicators suggest potential growth, with analysts predicting a bullish trend in the coming months.

Solana Shows Oversold Signals, Analyst Predicts Rebound

Raoul Pal highlighted that SOL is currently at two standard deviations oversold on the log regression channel. He pointed out that SOL’s Relative Strength Index (RSI) recently dropped to 25.73, its lowest level since 2022. Historically, such levels have signaled strong recovery opportunities for the cryptocurrency.

Pal remains optimistic about Solana’s price action in the near term. He stated that this period presents one of the best opportunities to buy the dip. However, he clarified that he has not taken any new positions in SOL at the current price.

According to CoinMarketCap, SOL is trading at $137.16, reflecting a marginal 0.47% increase in 24 hours. The cryptocurrency has also recorded a 1.2% gain against Bitcoin within the same timeframe. Despite its recent decline, analysts believe a strong recovery could be imminent.

Historical Trends Suggest Strong March Performance

SOL has demonstrated strong price movements in March over the years. Cryptorank data shows an average growth rate of 32.4% for SOL during this month. If the trend repeats, the coin could erase its recent losses and push higher.

In March 2021, SOL surged by 49%, followed by a 23.2% increase in 2022. While 2023 saw a slight retracement of 3.25%, the cryptocurrency soared 60.8% in March 2024. Analysts believe the historical trend increases the likelihood of a similar price rally this year.

If Solana follows its previous March performances, it could recover from its 39.5% drop over the past month. Investors are closely watching the market for any confirmation of an upward move. Analysts suggest that a strong breakout could push SOL closer to its previous highs.

The recent dismissal of Coinbase’s lawsuit by the SEC has removed regulatory uncertainty for Solana. With the SEC clarifying that altcoins are not securities, market sentiment has improved. This shift in regulatory stance has positioned Solana for potential growth in the coming months.

The hype around a potential Solana exchange-traded fund (ETF) has also fueled investor interest. Franklin Templeton recently filed for a SOL ETF, increasing the likelihood of institutional adoption. If approved, this could significantly boost Solana’s market position and liquidity.