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Key Insights:
- Solana (SOL) rebounds from $160, holding key support.
- Wallets holding 0.1+ SOL hit 11.16M, a new record.
- A break above $259 could signal a new all-time high.
Solana price renewed momentum after rebounding from a key support level of nearly $160. The market is seeing increased interest and user activity. Strong technical setups are also drawing the attention of traders and analysts.
Recent activity in both technical and on-chain indicators points to growing support for the current SOL price action. Analysts are watching closely as the asset positions itself around historical resistance zones with long-term upside potential.
Solana Price Reversal at Key Support Level
Solana price hit a local high of $4.3130 on the SOL/USDT 4-hour chart. It then began a short-term downtrend.
This correction brought the price back down toward a key support zone near $3.58–$3.60. Previously, a breakout level, that area has now acted as a potential bottom.
SOL price attempted a recovery move toward $3.9765 but was rejected. However, the lower support level bounce is being watched as a possible reversal point.
The market structure during this timeframe is still bearish. However, any move above $4.13 would shift the trend toward bulls. If the support fails, further downside could push the price to $3.40 or lower.
Monthly Chart Shows Strong Long-Term Trend
According to market analyst cas_abbe, Sol price remained in a multi-year uptrend. The asset forms higher lows, creating a well-defined ascending triangle structure on the monthly chart. This structure has remained intact since mid-2022.
In April 2025, SOL retested its long-term trendline and responded with a sharp 50% rally. The resistance zone around $259–$260 remains significant to watch.
A breakout above that line could open the door to new highs in the coming months. Large candlestick formations with minimal selling pressure suggest continued buyer interest.
If Solana price surpasses $259 and holds steady, it could open the door to unexplored levels. This momentum might lead to a new all-time high in 2025.
Record-Breaking Wallet Growth
Network activity continues to align with current market trends. As of now, 11.16 million addresses hold at least 0.1 SOL, setting a new record, according to analyst @ali_charts.
The number has steadily increased from 10.9 million at the start of May, reflecting consistent growth in user participation.
The continuous increase in wallet addresses reflects greater interest and confidence in Solana. When the price is consistent, more users tend to enter the market rather than sell their coins.
The more people use the network, the stronger prices become, and the old technical patterns are upheld. Solana price fluctuated but remained between $150 and $180. This suggests that demand has stayed relatively stable.
Solana Price Action: Pennant Breakout and Market Momentum
The daily chart of SOL/USDT also shows a bullish pennant breakout in late April. This pattern usually appears after a strong upward move, followed by consolidation. Solana broke out of the pennant and rallied toward its measured target zone between $220 and $240.
Solana price pulled back at press time and was trading at $165.78. SOL experienced a 4.34% drop but remains above the critical support level. The price is still steady in the $140–$150 range.
The Relative Strength Index (RSI) is currently at 55.03, signaling neutral to mildly bullish momentum. Since it remains above the 50 mark, the indicator suggests that the asset is not in bearish territory.
The Money Flow Index (MFI) is 59.76, showing that capital still flows into the market. However, overall momentum is starting to slow down.
Market Outlook as Q2 Nears Completion
Solana price continues to gain attention as bullish patterns emerge across various timeframes. Increasing on-chain activity further strengthens its momentum approaching the final weeks of Q2 2025.
Price stability near support zones and increased adoption could give bulls the base to push toward the $200 level.
Market forecast that Solana prices will drop by about 2.51% and end at $160.23 by June 2025. Still, technical indicators indicate that the market is moving up, not down.
The Fear & Greed Index is 74, which puts investor mood in the Greed state. Of the last 30 days, Solana gained on 16 days and the price fluctuated by an average of 8.15%.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
