The current price of Solana’s native token, SOL, has experienced a decline of over 1.50%, settling at $191, accompanied by a 16% decrease in trading volume to $2 billion, as reported by CoinMarketCap.
Analyze the chart, and you’ll notice the emergence of a rising wedge pattern just under the $200 resistance threshold, a pattern commonly observed before a potential upturn in bullish markets.
Despite the persistent struggle around the $200 mark, which serves as a formidable barrier, the ascending support line has exhibited resilience, with prices forming higher lows—a positive indication of an underlying bullish sentiment.
Breaking through the $200 resistance could set the stage for a notable price surge, eyeing the next resistance tiers at $236 and possibly extending beyond $400 in the first quarter of 2025.
Nevertheless, a failure to breach the $200 level may trigger a retracement towards lower support levels hovering around $180.
As we enter the first quarter of the year, closely monitor the wedge pattern, trading volume, and overall market sentiment as crucial metrics that could steer Solana’s trajectory in the upcoming months.
Keep a keen eye on these levels to detect signals of either a continued upward trend or a reversal in direction.
Solana’s Remarkable Total Value Locked Statistics
Reflecting on its financial ecosystem in 2024, Solana showcased impressive performance with a Total Value Locked (TVL) reaching $20 billion—a record high, denoting active participation in staking, borrowing, and liquid staking.
In the stablecoins space, the market capitalization hit $5.226 billion, reinforcing the platform’s liquidity infrastructure.
The platform accrued daily fees of $3.22 million due to robust network usage, while total trading volume surged to $3.293 billion.
With perpetual volume hitting $803.19 million and active addresses totaling 4.12 million, the network’s heightened activity signals the potential for price appreciation.
As of the latest figures, Solana’s market capitalization stood at $91.682 billion, with the token trading at $189.47—a promising position suggesting future growth prospects leading into 2025.
Pumpdotfun’s Revenue Insights for the Month
Examining the December 2024 data, Solana demonstrated stellar financial performance, particularly in DEX trading volume and revenue generated by Pumpdotfun, hitting over $80 million.
This surge propelled Solana to the forefront, boasting a DEX trading volume of $120 billion and a 25% market dominance share, underscoring the platform’s expanding ecosystem.
Notably, BSC and Ethereum (ETH) closely followed with trading volumes of $99.674 billion and $92.395 billion, respectively, showcasing the competitive landscape within the sector.
Despite these achievements, Pumpdotfun faced backlash for substantial SOL token offloading, impacting investor confidence with minimal returns for many wallet holders.
The ability of Solana to draw users through meme coin launches hints at a potential bullish trajectory in 2025, contingent on maintaining market leadership and addressing any trust-related concerns.