Solana's price dips from its high of $204, maintaining its position above the crucial $175 support level.
Solana, the popular cryptocurrency, has seen a significant surge in value over the past few days, with the price rising nearly 28% from $160 to $204.98. However, the rally peaked at $204.98, and sellers stepped in after a top wick rejection around the $200-205 resistance zone, causing a pullback.
The rally in Solana was not a one-off event. It was supported by a double bottom around $160.18, indicating a strong reversal in the market sentiment. The strength of this reversal was noted as it outpaced much of the market, a sign of heightened investor interest.
Currently, Solana is consolidating near $185, and the critical demand zone between $170 and $175 is being closely watched. This zone is viewed as a pivotal support area, and holding above this range is crucial for Solana to sustain bullish momentum and target higher price levels throughout 2025.
According to CoinDCX, if Solana breaks cleanly above $154, it could reach targets between $165 and $175 in July 2025, signaling a potential 12% upside from levels near this demand zone. This move could precede a peak near $270-$280 by September 2025, assuming sustained momentum and ecosystem growth.
Binance analysts and other market watchers suggest that a strong demand base near $160-$175 supports a bullish outlook for Solana in 2025, potentially driving prices towards $600-$700 by Q4 2025. This is attributed to Solana’s robust Layer 1 technology, growing DeFi and NFT activity, and institutional interest.
However, CCN's technical analysis warns of bearish wave patterns suggesting possible downside after a recent failure near $200 resistance. If this bearish momentum dominates, SOL could retrace sharply below the $170-$175 demand zone to much lower levels (potentially around $67).
Despite this bearish outlook, RootData’s analysis emphasizes Solana’s recent trading above $170-$175 maintaining bullish sentiment, with forecasts of substantial upside in the mid to long term, aiming toward $400 in 2025 and beyond.
At the time of analysis, Solana is trading at $189.48, posting a 0.08% gain in the last 24 hours. The chart started printing small bearish candles, suggesting short-term pressure. However, buyers are likely to defend the $170-175 range if prices fall further, setting the stage for a potential bounce that could restart bullish momentum.
Investors closely watch price action around the $170-$175 range for clues about Solana’s near- to mid-term trend direction. Failing this zone could signal deeper corrections, but as long as Solana holds above this crucial support, the bullish trend is expected to continue.
Technology plays a significant role in Solana's growth, as its robust Layer 1 system attracts institutional interest and supports DeFi and NFT activities. This technology-driven momentum could potentially drive Solana's price towards $400 in 2025, as suggested by RootData's analysis.
Investors, noting Solana's consolidation near $185 and the pivotal support zone between $170 and $175, are closely watching this range for potential investment opportunities. A clean break above $154, as forecasted by CoinDCX, could lead to targets between $165 and $175 in July 2025, indicating gains of up to 12%.
