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Solana (SOL) Back on Track: Is The Uptrend Here to Stay?

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1 month ago

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Solana started a fresh increase from the $215 zone. SOL price is rising and might aim for a move above the $240 and $250 resistance levels.

  • SOL price started a fresh increase after it settled above the $222 level against the US Dollar.
  • The price is now trading above $230 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $232 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could start a fresh increase if the bulls clear the $240 zone.

Solana Price Eyes Fresh Surge

Solana price formed a support base and started a fresh increase above the $220 level like Bitcoin and Ethereum. There was a decent increase above the $225 and $230 resistance levels.

There was a move above the 50% Fib retracement level of the downward move from the $246 swing high to the $215 low. Besides, there was a break above a key bearish trend line with resistance at $232 on the hourly chart of the SOL/USD pair.

Solana is now trading above $235 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $240 level or the 76.4% Fib retracement level of the downward move from the $246 swing high to the $215 low.

Solana Price

The next major resistance is near the $246 level. The main resistance could be $250. A successful close above the $250 resistance level could set the pace for another steady increase. The next key resistance is $265. Any more gains might send the price toward the $280 level.

Another Decline in SOL?

If SOL fails to rise above the $240 resistance, it could start another decline. Initial support on the downside is near the $230 level or the 100-hourly simple moving average. The first major support is near the $220 level.

A break below the $220 level might send the price toward the $215 zone. If there is a close below the $215 support, the price could decline toward the $200 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $230 and $220.

Major Resistance Levels – $240 and $250.



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altcoin to buy

Top Altcoins to Buy in 2025 That Could Skyrocket in 60 Days

Published

4 days ago

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January 6, 2025

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The crypto market is surging, drawing investors seeking lucrative opportunities. Among the best altcoins to buy, three standout assets show significant potential for explosive growth. Backed by bullish trends and strong fundamentals, these cryptocurrencies are positioned as promising investment options, making them must-watch contenders for major returns in early 2025.

Altcoins to Buy: ​​Cardano (ADA)

Cardano (ADA), a leading third-generation blockchain, is gaining traction for its eco-friendly proof-of-stake (PoS) consensus mechanism. Unlike energy-intensive proof-of-work networks, Cardano offers sustainable solutions. Over the past year, the ADA price has doubled, reaching $1.10. This growth stands out among the top altcoins to buy in 2025, presenting the potential for significant gains within the next 60 days.

Crypto analyst Ali has predicted a bullish breakout for Cardano (ADA), identifying a potential target price of $3. According to his recent analysis, ADA is forming a classic bull pennant pattern on the charts, a formation often associated with upward price momentum. 

Top Altcoins to Buy in 2025 That Could Skyrocket in 60 DaysTop Altcoins to Buy in 2025 That Could Skyrocket in 60 Days
Source- X

DexBoss (DEBO)

DexBoss (DEBO) has initiated its token presale, pricing each token at $0.011. The listing price is set at $0.0505. The project introduces a deflationary buyback-and-burn mechanism designed to reduce supply and increase token value. DexBoss seeks to replicate centralized exchange features within a decentralized platform, offering a seamless DeFi experience. 

With a fixed supply and growing demand, the project aims to attract investors looking for long-term returns. DexBoss presents a compelling opportunity for individuals exploring decentralized finance advancements and the rapidly growing DeFi ecosystem.

Solana (SOL)

Solana (SOL), an open-source blockchain, is making waves in decentralized finance (DeFi). Supporting various decentralized applications (DApps), the SOL price increased by 4% in the past 24 hours, reaching $217. Over the last year, Solana’s market capitalization has grown by 125%, underscoring its rapid expansion within the layer-one blockchain ecosystem, making it the best altcoin to buy.

Solana led blockchain activity with $3.66 billion in daily trading volume, surpassing Ethereum’s $1.714 billion. Base followed with $1.207 billion, while Binance Smart Chain (BSC) and Sui recorded $877.64 million and $370.76 million, respectively.

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Investors seeking altcoins to buy in 2025 should consider these three assets for their potential to outperform in the near term. With solid fundamentals and growth-driven roadmaps, they remain strong contenders for notable gains within a bullish crypto market cycle.

 

Frequently Asked Questions (FAQs)

Cardano offers eco-friendly PoS, bullish momentum, and a $3 price target.

DexBoss is a DeFi platform with deflationary tokenomics and strong growth potential.

Solana dominates DeFi with high activity and rapid market expansion.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ali Martinez

$4,000 Solana? Trader Ali Martinez Says SOL Forming Potentially Massive Cup and Handle Set Up

Published

5 days ago

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January 5, 2025

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A closely followed crypto analyst says that smart contract platform Solana (SOL) is potentially forming a bullish technical pattern that could see it surge by over 1,700%.

In a new strategy session, crypto trader Ali Martinez tells his 108,000 followers on the social media platform X that it’s possible the Ethereum (ETH) rival is forming a cup-and-handle pattern that could push it to astronomical levels.

“There’s a chance SOL is forming a cup-and-handle pattern, and it will reach $4,000!”

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Source: Ali Martinez/X

A cup and handle is typically observed when the price movement of an asset forms a “cup” pattern before printing a smaller “handle” structure which suggests consolidation prior to a potential breakout.

Solana is trading for $215 at time of writing, a 1.3% decrease during the last 24 hours. If Solana were to reach Martinez’s target price, it would represent a staggering 1,760% increase.

Moving on to the flagship digital asset Bitcoin (BTC), Martinez notes that Coinbase’s Premium Index – which tracks the price premium for BTC on Coinbase and therefore its demand in the US by proxy – suggests that institutional demand for the top crypto asset by market cap is ramping up in America.

“The Coinbase Premium Index recently hit -0.23%, a two-year low, but it’s now rebounding quickly. This signals growing institutional demand for BTC from US-based investors!”

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Source: Ali Martinez/X

Bitcoin is trading for $98,137 at time of writing, a marginal decrease on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin

Bitwise Unveils Crypto Predictions for 2025, Says One Top-10 Altcoin Set To Explode 250% This Year

Published

6 days ago

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January 4, 2025

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Digital asset investment manager Bitwise is unveiling its predictions for cryptocurrencies and the industry in 2025.

Starting with Solana (SOL), Bitwise’s head of research Ryan Rasmussen says the asset manager is predicting that the Ethereum (ETH) rival will skyrocket by 250% and hit a price of $750 this year.

Solana is trading at $214 at time of writing, around 18% below the all-time high price of $263 reached in November of 2024.

On Bitcoin (BTC), Bitwise predicts that the crypto king will surge by 106% from the current level to reach a price of $200,000 in 2025. Ethereum, according to Bitwise, will rally by around 99% from the current level to hit a price of $7,000 this year.

Bitcoin is trading at $96,940 at time of writing while Ethereum is worth $3,521.

Turning to US spot Bitcoin exchange-traded funds (ETFs), Rasmussen says Bitwise expects the inflows in 2025 to surpass last year’s figures. The cumulative total net inflows into the US spot Bitcoin ETFs as of January 3rd amounted to approximately $35.66 billion.

Rasmussen also says that Bitwise is predicting that the number of countries holding Bitcoin in their reserves will double in 2025. Some of the countries that currently hold Bitcoin reserves include El Salvador. The Central American country holds over $588.95 million in Bitcoin as of January 3rd.

The Bitwise head of research also cites the crypto asset manager’s bonus prediction that is projected to materialize further into the future.

“In 2029, Bitcoin will overtake the $18 trillion gold market and trade above $1 million.”

Bitcoin has a market cap of approximately $1.917 trillion at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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