1. Current price performance

- Current price: $146.64 (down 2.1% today).

- Market capitalization: $68 billion (ranked sixth among cryptocurrencies).

- Trading volume: Surpassed $2.2 billion, indicating continued demand despite volatility.

2. Short-term technical analysis

- Overall trend: Bearish on the daily and weekly, with a breach of a previous support structure at $130–122.

- Support and resistance levels:

- Major support: $140–145 (critical testing area).

- Near resistance: $150–155 (breaking it could open the door for a rise towards $250).

- Technical signals:

- RSI: At 61.49 (neutral with a slight upward bias).

- Moving averages: The price is above the 50-day average ($129.89) and close to the 100-day average ($161.94).

3. Fundamental factors affecting

- SOL ETF approvals: Expectations for approval by the U.S. Securities and Exchange Commission (SEC), which could attract institutional investments of up to $6 billion.

- Meme coin performance: The market cap of meme coins on the Solana network has recovered to $10.6 billion, with some rising by up to 73% weekly.

- Growth in DeFi: Trading volume on decentralized exchanges surpassed $64 billion monthly, with network fees increasing to $400 million since the beginning of the year.

4. Short and long-term forecasts

- Short-term (days to weeks):

- Probability of a correction to $139 by May 2025 if support at $140 fails.

- If resistance at $155 is broken, the price may target $250–264.

- Long-term (2025–2030):

- Bullish forecasts reaching $400 with increased network adoption and ETF approvals.

- The "cup and handle" pattern on the weekly chart reinforces the likelihood of a long-term rise.

5. Risks and challenges

- High volatility: Historically, Solana has recorded sharp fluctuations between $95.5 and $294.8 over 52 weeks.

- Regulatory pressures: Previous rejection of ETFs by the SEC could affect confidence if repeated.

- Competition: Increasing competition with other blockchain chains like Ethereum and Binance Smart Chain.

Summary:

Today, Solana faces short-term selling pressure as the price drops to $146, but fundamental factors such as ETF approvals and DeFi performance bolster medium-term bullish prospects. Traders are advised to monitor levels of $140 (support) and $155 (resistance) to determine the upcoming trend, while the current pullback is seen as a potential buying opportunity for long-term investors amid positive forecasts.
$SOL