Solana’s [SOL] value has declined by over 1.50%, currently trading at $191, with its trading volume falling by 16% to $2 billion, as per CoinMarketCap data.
An ascending wedge pattern is visible on the chart below the $200 resistance mark, commonly signaling a potential upward reversal in bullish market conditions.
Despite this, the rising trendline has remained intact, demonstrating strength as prices form higher lows, hinting at a favorable market sentiment.
Solana has faced challenges near the $200 threshold, acting as a strong barrier, underscoring the significance of this price level for future bullish movements.
If Solana manages to breach this resistance, it could initiate a notable surge, with the next resistance levels at $236 and potentially surpassing $400 in the first quarter of 2025.
On the contrary, failure to surpass $200 may lead to a retracement towards lower support levels in the vicinity of $180.
The development of the wedge pattern, combined with trading volume and sentiment, will serve as crucial factors indicating Solana’s trajectory in the initial months of the year.
Stay vigilant regarding these levels to detect signs of continued momentum or a reversal in trend.
Solana’s Total Value Locked (TVL)
In 2024, Solana demonstrated a robust financial ecosystem with a TVL of $20 billion, reaching an all-time high, showcasing active participation in staking, borrowing, and liquidity provision.
The market cap of stablecoins reached $5.226 billion, bolstering the platform’s liquidity structure.
The daily fee collection amounted to $3.22 million, portraying significant network utilization, alongside a total volume of $3.293 billion.
With perpetual trading volume at $803.19 million and active addresses numbering 4.12 million, the network’s extensive engagement highlighted the potential for price appreciation.
As of the current moment, Solana holds a market capitalization of $91.682 billion, with the coin trading at $189.47, potentially positioning it for growth in 2025.
Pumpdotfun’s Monthly Earnings
Reviewing the December 2024 data, Solana exhibited impressive financial performance, particularly in DEX trading volume and revenue generation through Pumpdotfun, surpassing $80 million.
This surge propelled Solana to the forefront, with $120 billion in DEX trading volume and a 25% market share, solidifying its growing ecosystem.
Binance Smart Chain (BSC) and Ethereum [ETH] closely followed, recording volumes of $99.674 billion and $92.395 billion, respectively, highlighting competitive dynamics in the sector.
However, Pumpdotfun faced backlash due to the substantial offloading of SOL tokens, impacting investor confidence with marginal returns for most wallet holders.
Solana’s ability to draw users through meme coin launches indicates a possible bullish trajectory in 2025, contingent upon maintaining market leadership and addressing underlying trust issues.