The progression of Solana’s price towards $200 encountered an obstacle when it halted following the discovery of robust resistance at approximately $185 during the previous week.
On Sunday, May 25th, the value of Solana (SOL) stood at $173.62, marking a decrease of 7.25% from its peak this month. However, it has still seen an increase of 82% compared to its lowest point so far this year.
Independent statistics indicate a strong performance by the Solana network and its associated ecosystem over the past few weeks. The combined market value of all meme coins within this ecosystem has significantly increased, climbing from a monthly low of $6 billion to a current value of $14 billion.
1. Transactions and active addresses on Solana have persistently risen. In the last week alone, transactions have grown by approximately 7.3%, reaching an impressive total of over 462.5 million – a number that surpasses the combined transaction count of major chains like BNB Chain (80 million), Binance Smart Chain’s daily transaction volume, as well as Base, Tron, and Near Protocol, which recorded 64 million, 62 million, and 42 million transactions respectively.
It’s worth noting that Solana is one of the most widely utilized blockchain networks, with its active addresses reaching more than 34.7 million. This figure surpasses Base (9.2 million), Binance Smart Chain (BNB, 7.8 million), and even Ethereum (over 2.1 million) in terms of active addresses.
In the world of decentralized exchanges, Solana is a significant contributor, processing approximately $22.7 billion in transactions over the past week and an impressive $97 billion in the preceding month.
Solana price technical analysis
As a crypto investor, I noticed that the daily chart revealed Solana’s (SOL) price hit a low of $95.40 in April when fears about meme coins surfaced. However, the price subsequently surged to a peak of $185 as other altcoins experienced a rally.
On Solana, we’ve seen the formation of a modest double-top pattern at around $184.53, with a supporting line at $159.45 below. The double-top pattern is often a signal for a bearish trend reversal.
On a hopeful note, the 50-day and 200-day moving averages are about to intersect in what’s known as a “golden cross” formation. Historically, this pattern has been followed by a significant upward trend, or bullish breakout.
Given the current movement, it appears that Solana’s price prediction leans towards a bullish trend if it manages to break through the resistance at approximately $184.53. If this happens, we can expect the price to ascend towards the round number of $200, which is just beyond the 50% Fibonacci retracement level.
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2025-05-25 19:20