Solana’s (SOL) price is gaining traction, with analysts forecasting a major breakout that could result in a 2x to 5x surge by the end of 2025. As the blockchain platform consolidates within a narrow trading range, investors are eyeing the possibility of SOL surpassing $150, backed by organic growth and strong DeFi adoption.
Technical Outlook – Narrow Range Could Trigger a Breakout
According to market analyst Edward on TradingView, SOL’s current range-bound movement is setting the stage for its next major trend. At the time of writing, Solana is trading between $143.33 and $144.88, with a recent 5.34% rise. The token is fluctuating below both the 34-period and 89-period EMAs, indicating short-term bearish momentum. However, a breakout beyond these EMAs could signal a shift in market sentiment.
Edward identifies two critical price points to watch:
- Bullish Breakout: A rise above $144.70 could push SOL to the next resistance at $150.54.
- Bearish Move: A drop below $143.33 might trigger a pullback to $137.25, forming a key support zone.
The sideways movement suggests the market is waiting for a decisive move, and traders are closely monitoring these levels to predict the token’s next trajectory.
U.S. Election Could Shape SOL’s Future
Beyond technical factors, broader market conditions and political events could significantly impact Solana’s price, according to Standard Chartered analyst Geoff Kendrick. He believes a Trump victory in the 2024 U.S. presidential election could spark a 500% surge in SOL, driven by expectations of relaxed crypto regulations.
Additionally, the approval of a Solana spot ETF could further fuel demand, increasing the token’s value and boosting investor sentiment.
SOL’s Price Movement Mirrors Ethereum’s Trajectory
Another prominent analyst, MartyParty, notes that Solana’s projected growth resembles Ethereum’s performance in 2020, hinting at a similar market cycle. He predicts a 3.2x increase in SOL’s value, with the potential for the token to reach $600 during the next bull run.
This comparison to Ethereum highlights Solana’s position as a leading player in the blockchain ecosystem, reinforcing investor optimism for long-term growth.
While negative crowd sentiment weighs on Solana‘s price, data from market intelligence platform Santiment suggests that a turnaround could be on the horizon. Historically, assets experiencing negative sentiment often recover, and SOL’s weighted sentiment score of -0.400815 points to a potential price rebound.
Open interest and trading volume are also rising, hinting that traders are preparing for a significant move.
Also Read: Solana Trading Volume Surges 6.52% As October Rally Stalls—Will ‘Rektober’ Turn Bullish?
Is a $150+ SOL on the Horizon?
With technical, political, and market factors aligning, analysts are optimistic about Solana’s future. If key resistance levels are broken and external events play in the token’s favor, SOL could witness a 2x to 5x price surge by 2025. For now, traders are keeping a close watch on the $144 range, anticipating the next big move that could drive Solana’s price to new heights.
Whether it’s regulatory shifts, ETF approval, or broader market trends, Solana’s ecosystem appears poised for substantial growth in the near future. Will SOL break free from its consolidation and soar beyond $150? Only time will tell, but the signs are pointing to an exciting journey ahead.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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