TLDR
- SOL price recently saw an 8% increase, now trading around $150
- Total Value Locked (TVL) has grown by 25% in the past month to over $8 billion
- Technical analysis shows a V-shaped recovery pattern targeting $250
- SOL broke above a key bearish trend line with resistance at $149
- Analysts predict high likelihood (90%) of US spot Solana ETF approval in 2025
Solana has been making waves in the cryptocurrency market with a fresh surge that has pushed its price above the $150 mark. The cryptocurrency has shown strong momentum in recent days, following in the footsteps of market leaders Bitcoin and Ethereum.
SOL price started a solid increase after finding support at the $140 level. The upward movement gained pace as it moved past the $142 and $145 resistance levels.
A key technical development occurred when SOL broke above a bearish trend line with resistance at $149 on the hourly chart. This breakthrough allowed the price to spike above the $150 resistance zone.
The upward move culminated in a high of $153.90, after which the price entered a consolidation phase. During this consolidation, SOL dipped slightly below $152 but held above the 23.6% Fibonacci retracement level of the upward movement from $140 to $154.
Network Activity Explodes
Behind Solana’s price performance stands impressive on-chain activity. The Layer-1 blockchain now ranks as the second-largest by Total Value Locked, with TVL growing approximately 25% over the past 30 days to exceed $8 billion.
Daily decentralized exchange (DEX) volumes have surged by more than 90% since April 11, reaching $3.14 billion. Last week, Solana processed $21.6 billion in volume, outpacing the entire Ethereum Layer-2 ecosystem in weekly DEX activity.
Specific protocols on Solana are showing robust growth. Sanctum, Raydium, and Lifinity have all registered increases in TVL and weekly volumes, signaling a strong comeback in network utilization.
Demand indicators in the futures market also point to growing interest. Open long positions rose before SOL’s most recent climb above $150. With $5.86 billion in Open Interest, Solana now holds the third position in the crypto markets.
Funding rates for perpetual futures have turned positive, suggesting that more capital is entering the market and driving buying pressure.
Technical Outlook Points Higher
The technical picture for Solana presents several optimistic signals. A V-shaped recovery pattern has been forming on the weekly chart since January, suggesting a rapid rebound following a major downturn. This pattern has a target of $250 as its “neckline” for completion.
On the daily chart, SOL clearly broke out from a long-term declining price channel in April with increased volume. This confirmed a shift from a bearish trend to a bullish one characterized by higher lows and higher highs.
Looking at current price action, SOL is now trading above $150 and the 100-hourly Simple Moving Average. The cryptocurrency faces immediate resistance near the $152 level, with major resistance around $154.
If SOL manages to close above the $158 resistance zone, it could set the stage for another steady increase. The next key resistance levels to watch are $165 and potentially $180.
On the downside, initial support can be found near the $150 zone, with major support at the $147 level. A break below $147 might send the price toward $145. If SOL closes below $145, it could decline toward the $140 support.
The hourly MACD for SOL/USD is gaining pace in the bullish zone, while the RSI remains above the 50 level, both positive signals for continued upward momentum.
Market observers are particularly excited about the potential approval of a US spot Solana ETF. Bloomberg Intelligence analysts have increased their projected odds of approval in 2025 to 90%, which could bring significant institutional demand.
The combination of strong network fundamentals, increasing demand signals, and favorable technical patterns positions Solana for potential growth in the coming weeks.
