Solana (SOL) Could Hit $265 Mark, Here’s Why
Solana (SOL) is poised for a sharp rise as the market continues to recover, as it has developed a bullish price action. However, President-elect Donald Trump appears to be prioritizing SOL and XRP as the first strategic reserve of the United States.
These noteworthy developments and updates have attracted widespread attention from cryptocurrency enthusiasts, resulting in impressive price surges.
SOL Current Price Momentum
Today, January 17, 2025, SOL has experienced a stunning price surge of over 6.5% in the past 24 hours and is currently trading near $212. However, during the same period, trader and investor participation surged, resulting in a massive 85% increase in trading volume.
Solana (SOL) Price Action and Key Levels
In addition to this development, Solana(Sun) It looks bullish as it has formed a bullish price action pattern on the daily time frame. According to expert technical analysis, SOL appears to be forming a bullish double bottom price action pattern and is poised to break above the trendline it has been facing since November 2024.
SOL Price Forecast
Based on recent price action and historical price momentum, SOL can easily break above this trendline and has a good chance of surging 22% to $265 levels in the coming days.
However, SOL’s performance over the past three days has been impressive, surging over 18%. Despite the significant gains, SOL’s relative strength index (RSI) remains below overbought territory, suggesting the asset still has plenty of room for a significant surge in the coming days.
$60 million in SOL flows into exchanges
As the price continues to rise, some long-term holders appear to be selling SOL on exchanges, according to on-chain analytics firm CoinGlass. Spot inflow/outflow data shows that SOL inflows to the exchange exceeded $59.15 million.
This on-chain indicator indicates that long-term holders have moved their holdings to exchanges, potentially causing selling pressure and further price declines.
However, judging from the current market sentiment, this will not affect SOL prices. In addition, there is a prominent Crypto expert A post was shared on X (formerly Twitter) stating that a technical indicator called the TD Sequential is issuing a buy signal for Solana (SOL).
