- Solana (SOL) shows strong bullish momentum, eyeing a breakout past $250 towards $400-$500, says CryptoJelleNL.
- SOL’s technical indicators like MACD and RSI (at 66.65) support a continued rally for the asset.
- Coincodex analysts also predict bullish outcome for Solana, targeting $372-$385 by end of 2025.
Solana (SOL) has once again captured the attention of traders and analysts, showcasing strong bullish momentum as it eyes a significant breakout. As of press time priced at $183, reflecting steady growth with an increase of over 6% in the last week alone. This rally signals renewed investor confidence in the high-performance blockchain after a recent period of market volatility.
More importantly, a combination of technical patterns and market behavior suggests that SOL may be preparing for a breakout that could propel it into much higher price territory.
Crypto analyst CryptoJelleNL believes that once SOL clears the $250 mark, the path toward $400–$500 becomes increasingly likely. This optimism stems not only from the chart setup but also from broader market dynamics favoring resilient digital assets.
CryptoJelleNL: SOL Clearing $250 Could Set Rally to $400-$500 Zone
CryptoJelleNL Solana’s chart analysis shows a clear uptrend that began in early 2023. After dipping briefly, the price reclaimed key support at $132 and is now testing a tough resistance zone around $180–$195.
Related: Solana Leads in DEX Volume for 5th Week; Q1 App Revenue Hits $1.2 Billion
Significantly, this resistance area has stalled price action in previous attempts, making it a critical level to watch. However, if SOL can break above $250 a level that has capped gains several times momentum may accelerate quickly.
SOL Technicals Strong: MACD Bullish, RSI Shows Room to Run
Technical indicators support this bullish outlook. The Moving Average Convergence Divergence (MACD) line remains above the signal line, indicating that momentum is gaining strength. A positive histogram further confirms this bullish trend.
Related: Solana’s Anza Proposes Alpenglow: A Simpler, Faster Consensus Mechanism
Meanwhile, the Relative Strength Index (RSI) is at 66.65, suggesting SOL still has room to climb before entering overbought territory. Historically, when RSI crosses above 70 in an uptrend, short-term corrections or consolidations often follow. However, the trend typically remains intact.
Short Squeeze? Liquidation Data Reveals Bears Overwhelmed
Beyond technicals, liquidation data paints an encouraging picture. In the past 24 hours, total liquidations amounted to $8.3 million dominated by $5.8 million in shorts. This skew toward short liquidations suggests that bearish positions are being overwhelmed, adding fuel to the current rally.
Looking ahead, Coincodex analysts prediction for Solana in 2025 remains bullish. Analysts expect SOL to trade between $372 and $385 by year-end, offering over 100% returns from today’s prices.
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