Solana (SOL) Price Forecast Projects $600 Milestone by 2025
Solana (#SOL) is gaining traction as a leading altcoin, with a market valuation exceeding $100 billion. Its value is less than one-fourth of Ethereum's (#ETH) market cap, indicating significant growth potential. Solana has shown a strong bullish recovery, trading closer to its all-time high compared to Ethereum.
Solana Technicals Present $600 Milestone for 2025
The weekly chart for Solana highlights a cup-and-handle pattern, a bullish indicator in technical analysis. The neckline of this formation aligns with the psychological resistance level of $250. The 100% Fibonacci retracement level at $249.81 reinforces this significance.
Photo: TradingView
A bullish close above $250 could signal a buy opportunity, potentially triggering a high-momentum rally. Currently, SOL is experiencing a minor pullback, with lower price ejections indicating strong demand at reduced levels. This suggests a possible price surge as the broader market recovers.
The cup-and-handle pattern indicates a projected price target of $600 by early 2025. In an optimistic scenario, the 1.618 Fibonacci level near $1,827 may serve as a potential target by the end of the bull cycle. Supporting indicators like the MACD and positive histograms confirm the overall uptrend.
Rising TVL and Increasing DeFi Dominance
The total value locked (TVL) on the Solana blockchain has reached $9.215 billion, a new all-time high, representing 6.74% of TVL across all blockchains. In contrast, Ethereum's TVL stands at $77.773 billion, comprising 56.85% of the total, highlighting Solana's journey ahead to challenge for the top position.
Solana Surpasses Ethereum to Become #1 Choice for New Developers
In recent developments, Solana has surpassed Ethereum in attracting new developers. According to the Electric Capital report, 7,625 developers joined the Solana ecosystem in 2024, outpacing Ethereum's 6,456. This positions Solana as the leading ecosystem for new developers this year.
With its expanding ecosystem, increasing developer engagement, and robust technical foundation, Solana strengthens its claim as an "Ethereum killer." The continuation of this momentum will be crucial for its trajectory in the cryptocurrency landscape.