Solana's price is currently focusing on surpassing the psychological barrier of $150, which has proven challenging in recent times. This threshold has become a key point as bulls appear ready to initiate a significant upswing that could lift Solana above recent bearish trends.
Historically, Solana has recorded a notable performance, with 8 bullish months against 4 months of losses over the past two years. Recent trading activity spiked due to increased memecoin interest on the Solana network. Notably, the Axiom exchange has recently taken the lead as the top revenue-generating protocol on Solana. Additionally, Solana's decentralized applications (DApps) generated over $162 million in revenue in April, indicating sustained ecosystem growth.
As Solana outperformed other chains in revenue generation during Q1 of 2025, market observers are keen to see if SOL can surpass top tokens and demonstrate significant price action in Q2 of 2025. Despite short-term challenges, Solana maintains a long-term bullish outlook, signaling potential for continued upward momentum.
The price is currently working to recover and is aiming to re-enter a rising channel it lost during a recent downturn. Notably, the weekly Chaikin Money Flow (CMF) has dropped below zero for the first time since 2023, signaling a bullish divergence and suggesting that a rise into a positive range is in motion. Furthermore, the MACD is also showing supportive indicators, having decreased selling pressure, which could lead to a bullish crossover.
Currently, the price is expected to consolidate around $145 as weekly trading volume has decreased significantly. A breakout in trading volume could enable Solana to initiate a strong upswing, making it possible to reach higher price targets, potentially hitting $200 shortly.
Historically, Solana has recorded a notable performance, with 8 bullish months against 4 months of losses over the past two years. Recent trading activity spiked due to increased memecoin interest on the Solana network. Notably, the Axiom exchange has recently taken the lead as the top revenue-generating protocol on Solana. Additionally, Solana's decentralized applications (DApps) generated over $162 million in revenue in April, indicating sustained ecosystem growth.
As Solana outperformed other chains in revenue generation during Q1 of 2025, market observers are keen to see if SOL can surpass top tokens and demonstrate significant price action in Q2 of 2025. Despite short-term challenges, Solana maintains a long-term bullish outlook, signaling potential for continued upward momentum.
The price is currently working to recover and is aiming to re-enter a rising channel it lost during a recent downturn. Notably, the weekly Chaikin Money Flow (CMF) has dropped below zero for the first time since 2023, signaling a bullish divergence and suggesting that a rise into a positive range is in motion. Furthermore, the MACD is also showing supportive indicators, having decreased selling pressure, which could lead to a bullish crossover.
Currently, the price is expected to consolidate around $145 as weekly trading volume has decreased significantly. A breakout in trading volume could enable Solana to initiate a strong upswing, making it possible to reach higher price targets, potentially hitting $200 shortly.
