Solana has had a remarkable recovery in the past month. During the recent crash, Solana’s asset price dropped below $100. SOL has risen 18% over the last 30 days and has gained more than 6% just on Thursday. As of press time, Solana is currently trading around $150 and looks to be breaking out.
Solana is one of most durable cryptocurrency projects. After FTX collapsed in 2022, the asset price dropped to less than $10. SOL has reached multiple all-time records since its lows in 2022. SOL’s price reached its highest point earlier in the year, on January 19. SOL’s recent rally is part of a market recovery. Crypto market experienced a major price decline after US President Donald Trump went on a tariff frenzy. Markets have seen a significant rally after Trump’s 90 days of tariff-free period.
Solana’s ecosystem is experiencing a bullish wave. The stablecoins’ market capitalization is up since February and has recently exceeded $13,07billion. The network has been flooded with liquidity and trust. SOL’s rise coincides with the appointment of Paul Atkins as a pro-Bitcoin director at SEC. Atkins’ relaxed attitude towards crypto is anticipated by many. In the next few months, the newly restructured SEC may also make a decision on an ETF for Solana SOL. This would help accelerate Solana’s rise to $185 or even higher.
CoinCodex predicts that Solana will continue to move sideways in the next few weeks. The coin prediction website is actually bearish about SOL and predicts that the coin’s price will drop in May. “According to our current Solana price prediction, the price of Solana is predicted to drop by -7.35% and reach $ 140.99 by May 30, 2025,”Analysts at CC say. “Per our technical indicators, the current sentiment is Neutral while the Fear & Greed Index is showing 53 (Neutral).”
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Investors have their eyes on the next price milestone. With $SOL trading at $148 and above the $145 level of support, the market is looking to the next big one. Analysts have also pointed out a cup-and handle pattern on the weekly charts, where a move above the $155 barrier could lead to the $180 price rally. Also, the $SOL Futures Open Interest reached $5.75 Billion on Wednesday. That suggests the next objective could extend to $200 before an ETF is approved.
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Source: watcher.guru
