Solana (SOL) is back in the spotlight, thanks to a technical pattern that often precedes major price surges. A falling bullish wedge has formed on the chart — a setup that could push SOL toward the $200 mark. But will that be enough?
🔹 Technical Outlook: Breakout Could Target $280
At the time of writing, Solana is trading at around $155, up over 4% on the day. The 24-hour trading volume has surged over 60%, reaching $2.62 billion, highlighting renewed investor interest.
This bullish move came after SOL bounced off the wedge’s lower trendline. If the price can break through the upper resistance, it may trigger a rally toward $280. However, the $200 psychological resistance remains a key level to watch.
The MACD indicator suggests upward momentum could continue, but the ADX index currently points to a weak trend. For a strong bullish confirmation, the ADX would need to curve upward again.
🔹 Fundamental Challenges: Dropping DeFi Activity and Whale Outflows
While technical signals look promising, fundamental data casts some doubt. According to DeFiLlama, Solana’s TVL (Total Value Locked) has dropped by over $1 billion in less than three weeks, now sitting at $8.4 billion. This decline indicates weakening user activity and declining utility for the network.
In addition, whale outflows are on the rise. On-chain data reveals one major address moved 50,000 SOL to Binance — part of a broader trend, totaling 175,000 SOL transferred off-network in the past two months.
🔹 Analyst Insights
BitGet analyst Ryan Lee believes that despite the risk of a short-term drop to $120, the long-term outlook remains bullish. According to him:
“Solana’s robust ecosystem and speculation over a potential ETF support the bullish case, with an expected range of $155–$178 by June 2025, and possibly $200 if momentum returns.”
Summary
🔹 Targeting $200, technical setup is bullish
🔹 DeFi usage is falling, possibly slowing momentum
🔹 Whale sell-offs continue, but analysts remain cautiously optimistic
🔹 Key resistance at $200, breakout could reach $280
What do you think — is Solana about to break higher, or will it retreat again?
#solana , #sol , #CryptoNewss , #defi , #Altcoin
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