SOL Tests $200 Support: Will It Fall to $150 or Push to $350?
- Solana tests key $200 support after a 15% decline, with traders divided on its next move.
- Ali Martinez questions if Solana will drop to $150 or rise to $350 in the coming weeks.
- Solana’s Q4 revenue surged 213%, driven by meme coin trading and DeFi platform growth.
Solana has been trading below the $250 mark for a week now, which means it has declined 15.30% and is now approaching an important level of $200. This is a significant level for the altcoin, as it has been rejected from this zone twice in the last three months. After experiencing certain instability, Solana is at a crucial point, triggering intense interest from traders.
Further, analyst Ali Martinez, in his X post, set off a heated discussion in the community by asking if the token would short $150 or go long to $350. Following this, traders were split between a bullish and bearish sentiment, each one thinking that their side is possible.
Solana’s Parallel Channel Formation
Solana is currently trading within a key parallel channel. The question is whether the market will see a bearish reversal or continue its upward momentum. Analyst Castillo Trading stated in a bullish tone that Solana had maintained its ground, even after touching the lower bound of the channel. He added that the first-time target would be the average line with the possibility of rising to the ceiling.
However, Solana has been relatively resilient in other market cycles for price corrections and supporters argue that the growing meme coin sector is useful for this. However, investors are still advised to be careful with SOL due to its high fluctuations and it could fluctuate acutely as it is in high volatility.

Source: Castillo Trading
On the other hand, another analyst Messari pinpointed that Solana has been generating impressive revenues in the recent past. Application revenue for Solana in the fourth quarter of 2024 increased sharply from $268 million in Q3 to $840 million in Q4, reflecting a growth of 213%. This was particularly the case due to the expeditious expansion of memecoin trading, which became an impetus of Solana’s decentralized finance (DeFi) market.
Related: Circle Mints Extra 250M USDC on Solana, Totaling 5B in 2025
Solana’s Impressive Revenue Growth
Pump.fun, a meme coin launchpad, also contributed to the company’s revenues. The platform generated $235 million in Q4 2024, significantly up 242% from Q3. Other high-growth platforms include the DeFi terminal Photon and decentralized exchange Raydium, which both notched over 250% revenue growth quarter-on-quarter.

Source: Messari
Messari’s report attributes this growth to meme coins and AI coins introduced during this specific quarter. At this point, it is testing its $200 support level, and an investor would want to know whether the high revenues generated by Solana’s blockchain will push the price higher again. Now that the market remains at a pivotal juncture, Solana’s direction is eagerly anticipated.
The post SOL Tests $200 Support: Will It Fall to $150 or Push to $350? appeared first on Cryptotale.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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