- Technical analyses suggest Solana stays robust within an ascending channel, indicating potential for future price rebounds.
- External factors like President-elect Donald Trump’s regulatory stance could positively impact Solana’s broader market acceptance.
Solana (SOL), developed by Anatoly Yakovenko, has established itself as one of the most active cryptocurrencies in the current bullish cycle. Its design, optimized for fast and cost-efficient transactions, has attracted developers and projects seeking an alternative to Ethereum, particularly in the smart contract space.
In 2024, Solana benefited significantly from the widespread interest in memecoins, which leveraged its ability to process transactions efficiently . This led to the creation of numerous tokens on its network. In October, SOL reached a new all-time high, surpassing $260. However, this level did not hold, and its current price hovers around $189.
According to technical analysis, Solana maintains its bullish potential . The cryptocurrency remains within an ascending channel defined by support and resistance lines. As long as it does not break below this channel, the current price level could be considered a rebound point. Bearish corrections, like the current one, are viewed as natural processes that allow for more balanced growth, avoiding overbought conditions.
Additionally, Solana recently bounced off a critical support level of $175. This level, identified as a key zone in technical analysis, must hold to preserve the short-term bullish trend.
External factors could also influence SOL’s price movement . One notable factor is the stance of U.S. President-elect Donald Trump, who has pledged to ease regulatory pressure on the cryptocurrency industry. Furthermore, it would be highly favorable for Solana if the Securities and Exchange Commission (SEC) ceases to classify it as a security. This change could enable broader inclusion on U.S.-based exchanges, driving increased adoption.
However, not all analysts are optimistic about Solana’s outlook. Financial expert Brad Thomas has emphasized that SOL’s long-term success will depend on its ability to sustain meaningful use cases beyond the initial excitement generated by memecoins.
The current price of SOL (Solana) is $188.85 USD, reflecting a 4.1% change in the last 24 hours and a 9.1% increase over the past week. Its 24-hour trading volume stands at $3,318,845,637 USD, with a market capitalization of $90,565,367,301 USD.
