Solana (SOL) Price Prediction & Analysis: New All-Time High in Sight as Support Holds Strong

TLDR

Solana (SOL) price is showing upward momentum, currently trading above $172 A bullish trend line is forming with support at $170 SOL faces resistance near $178-$180, with $200 as a potential target Increased adoption from meme coins and new projects is supporting Solana’s momentum Chainlink’s initiative encouraging developers to “Build on Solana” is drawing new dApps to the network

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Solana (SOL) has begun a fresh increase after finding support in the $165 zone. The cryptocurrency is gaining momentum and trading above $172 and the 100-hourly simple moving average as buyers step in.

The price movement shows SOL has broken through several resistance levels, including $170 and $172. Bulls pushed the price even higher, reaching $177.50 before entering a consolidation phase.

Technical analysis reveals a connecting bullish trend line forming with support at $170 on the hourly chart of the SOL/USD pair. This suggests strong buyer interest at current levels.

On the upside, SOL faces immediate resistance near the $178 level, with $180 serving as the next major hurdle. If Solana manages to close above $185, it could set the stage for another steady increase.

The next key resistance level stands at $192. Breaking through this could potentially send the price toward the much-anticipated $200 mark.

Solana
SOL Price

Network Adoption Fueling Growth

The SOL network has been gaining traction with rising adoption from popular meme coins and new project launches. This increased adoption has helped sustain Solana’s bullish momentum in recent weeks.

Currently, Solana is getting a boost from Chainlink’s initiative that encourages Web3 developers to “Build on Solana.” This program offers developers mentorship, tools, and other support for startup projects.

The initiative is successfully drawing in new decentralized applications (dApps), NFTs, and DeFi projects to the Solana ecosystem. This growing developer interest could translate to increased network usage and value.

Meanwhile, Unilabs Finance presale has crossed over $740,000 in token sales. The UNIL tokens, available for $0.005 in stage 2, are attracting investor interest due to their potential to generate passive income.

Price Volatility and Resistance

Despite the positive outlook, SOL has faced some price volatility recently. In the past week, Solana’s price dropped from a high of $181 to a low of $159 before recovering to current levels.

The cryptocurrency managed to revive from this range and moved to $172, but faced rejection and temporarily dropped to $164. The $170 range has proven to be challenging for SOL as it has faced repeated rejection over the past two days.

Trading experts suggest that if sufficient bullish momentum is generated with markets recovering, the Solana price could move beyond the $180 range soon.

The broader crypto market is showing signs of recovery, gaining over 1.5% in daily trading value. This overall market trend is providing additional support for Solana’s price movement.

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