- Solana price is likely to experience an explosive rally in the coming weeks after retesting crucial macro support levels.
- The altcoin’s robust fundamentals support a parabolic rally for the SOL/USD pair.
- Several technical indicators have suggested further upside for SOL price in the midterm.
Solana (SOL) price is well-positioned to rally towards a new all-time high (ATH) soon. As Bitcoin (BTC) price rebounded above $111k on rising calls for capital rotation from Gold and Silver, SOL rallied around 9% in the past three days to trade at about $193 on Monday, October 20, during the mid-London session.
Related: Solana Price Prediction: Analysts See $300 Target As ETF Approval Reignites Bullish Momentum
Why is Solana Price Bullish in the Midterm?
Technical Tailwind amid Growing Volume
According to market analyst Aksel Kibar, if the SOL/USD pair rallies towards $247 in the coming days, an inverse head and shoulder (H&S) pattern will be confirmed. The analyst noted that such a move will be part of SOL’s continuing rally based on the massive cup and handle pattern.
In the weekly timeframe, the SOL/USD pair has rebounded from a crucial rising logarithmic support level, which has been established since late 2023. If Solana price consistently closes above the resistance range between $174 and $247 in the coming weeks, its parabolic phase of the 2025 crypto bull rally will be inevitable.
The bullish sentiment for SOL is backed by the squeezing weekly Bollinger Bands, amid the recent rebound of the Relative Strength Index (RSI) above the 50 level.
Related: Solana Price Prediction: Traders Eye Key Breakout as Market Stabilizes
Rising Trading Volume
The recent Solana price pump has coincided with its notable growth in transaction volume. According to market data analysis from Santiment, Solana’s transaction volume has surged in the past few days to its highest level since President Donald Trump took office earlier this year.
The last time that Solana experienced such an explosive growth in transaction volume was late last year, which resulted in the pump towards its ATH around $295.
Rising Growth of the DePIN Market, Especially in Asia
The Solana network has emerged as a top base for the Decentralized Physical Infrastructure Network (DePIN). The DePIN industry is expected to grow rapidly following the regulatory clarity in the United States, especially after the Securities and Exchange Commission (SEC) issued a no-action letter on DoubleZero (2Z).
According to market aggregate data from DePINscan, the Solana network has 63 DePIN projects. The most renowned Solana DePIN projects include Helium, Hivemapper, and Render.
Asia-Pacific Expansion
The Solana DePIN ecosystem is well-positioned to grow in the Asia-Pacific market amid the upcoming Accelerate APAC Shanghai on Friday, October 24.
During the Shanghai Blockchain Week, the Solana network will collaborate with Hashkey Labs to host the Solana Accelerate APAC, with an aim of bringing together local tech companies, top-tier capital firms, and the global Solana ecosystem.
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