Solana continues its upward trajectory, showcasing strong defense of the key 200-day moving average over the weekend.
In an impressive rally, Solana (SOL) recorded three consecutive days of gains, peaking at $210, marking its highest price since February 5. Despite this rise, it remains approximately 30% lower than its peak in December.
The resurgence of Solana can be attributed to the recovery of several tokens within its ecosystem. Fartcoin (FARTCOIN) surged nearly 30% from earlier lows this month, while Popcat (POPCAT) experienced an impressive rebound, climbing over 80% from its February minima.
Additional notable performers in the Solana meme coin sector include ai16z, Cat in a Dog’s World, and Comedian, each achieving gains over 10%. According to recent data, the total market capitalization of these coins has jumped 7.3% in the past 24 hours, surpassing $11.98 billion, contributing to a total valuation exceeding $25 billion.
Solana has established itself as one of the leading crypto projects of the year, experiencing significant growth within its ecosystem. Data indicates that Solana has generated over $282 million in revenue this year, ranking it as the fourth-largest player in the crypto market, trailing only Tether, Tron, and Jito.
The DEX networks within the Solana ecosystem, including Raydium, Meteora, Orca, and Jupiter, have also seen substantial increases in market share over recent years.
Furthermore, there are indications that the Securities and Exchange Commission (SEC) is likely to approve a spot SOL ETF, with approval odds rising to 85%. Investors are hopeful that upcoming changes to the SEC will foster a more favorable regulatory environment.
Solana Price Analysis
The latest daily analysis indicates that SOL’s price bottomed out at $190 last week, coinciding with a general downturn in the cryptocurrency market. This level is significant as it aligns with the 200-day Exponential Moving Average.
Market bulls are working to maintain prices above this threshold, as a breach below could signify a win for bearish traders, potentially leading to further declines. Notably, the bull and bear power indicator has shown upward momentum over the past two days.
A drop beneath the 200-day moving average could see SOL falling below $169, which is the neckline of a double-top pattern observed at $265—a traditional bearish market signal.
As it stands, the short-term forecast for SOL remains neutral. A definitive bearish trend will be confirmed if the price dips below $169, while a bullish breakout could be validated if SOL surpasses key resistance at $265. This movement would align with projections suggesting the coin could reach as high as $520.
