Solana Remains Bullish as Analysts Predict New All-Time High in 2025
Solana (SOL) is currently trading at a pivotal level amid overall crypto market consolidation. Key points include:
- SOL has surged 90% since early April but is experiencing a slight pullback.
- Analyst Cas Abbe indicates that the long-term bullish trend for Solana remains intact after last month’s retest of a multi-year trendline.
- The price is testing crucial support around $165, which may be foundational for future movements.
- Despite the broader market uncertainty, particularly with Bitcoin's struggles, Solana shows relative strength.
- Abbe projects a potential new all-time high in 2025, supported by improving fundamentals and rising activity in the Solana ecosystem.
Currently, SOL trades at $167.76, having risen significantly since its April low. It faces resistance at the 200-day SMA around $181.03, while key support lies at the 200-day EMA near $162.55. A breakout above $181 could lead to a move towards $200; however, a drop below $160 may threaten the uptrend.
Volume has decreased since May, suggesting potential consolidation ahead. Traders are monitoring for signs of either a breakout or breakdown.