Solana (SOL) is experiencing a significant surge in both on-chain activities and price movement. The network is on the verge of reaching a major milestone of 400 billion total transactions. Over the past week, SOL has seen a surge of more than 12%, crossing the $150 mark for the first time since early March.
Since hitting a low of $9.98 in January 2023, Solana has climbed over 1400%, driven by increased adoption across its ecosystem. With positive technical indicators, successful applications like PumpFun and Jito, and discussions about a potential push towards $500 by 2025, Solana is reinforcing its position as a top performer in the market.
The Solana network is approaching the impressive milestone of 400 billion transactions. It is just a few billion transactions away from achieving this mark. During the last seven days, SOL's price has surged by more than 12%, surpassing $150 for the first time in weeks. Its decentralized exchange (DEX) trading volume has also hit almost $16 billion, surpassing that of other chains.
Having risen by a remarkable 1412% from its low in 2023, Solana has emerged as one of the standout performers in the ongoing market cycle. The network has not only seen significant price growth but also a surge in real-world adoption within its ecosystem. Successful applications like PumpFun, introduced just last year, have quickly become some of the most lucrative in the crypto sphere.
Despite a slight dip in Solana's Relative Strength Index (RSI) to 64.51 from a recent high of 77, indicating a temporary cooling off, the bullish momentum remains strong. The RSI fluctuation suggests that while the recent surge might have momentarily peaked, buying interest is still robust, maintaining a bullish outlook.
Traders are closely monitoring the resistance at $152 and support at $147.60 for Solana's price movements. The network's Exponential Moving Average (EMA) lines show a bullish trend, with short-term averages positioned higher than long-term averages, indicating a prevailing uptrend. Breaking the $152 resistance level could propel SOL towards $160 and potentially even $180 with sustained momentum.
Looking ahead, if Solana mirrors its late 2023 and early 2024 momentum, it could retest its previous peak of $256 and potentially target $300 in the first half of 2025. Should the broader crypto market recover in the latter part of the year and Solana maintains its lead in DEX volume and developer engagement, the $500 milestone could become a realistic long-term goal. Conversely, breaching the $147.60 support level may trigger a downward correction towards $124 or even $112 if the downtrend intensifies.