Highlights
Solana price pulled back today, Oct. 8, mirroring the performance of the broader crypto market, which pulled back as investors booked profits. Still, this pullback will likely be a good entry point as it has formed a giant megaphone pattern as SOL treasuries near the $3 billion milestone.
The daily timeframe chart shows that the Solana price has rebounded in the past few months, moving from the June low of $125.2 to a high of $253. This recovery was in sync with the overall crypto market rally, with Bitcoin hitting its all-time high.
SOL price has recently pulled back and was trading at $220 on Wednesday. On the positive side, it has formed a giant megaphone chart pattern. This is a highly bullish continuation pattern, which is made up of two ascending and diverging trendlines.
In this case, the upper side of the megaphone connects the highest swing in June, July, and September. The lower side links the lowest points in the three months.
Additionally, the Solana price remains above the 100-day Exponential Moving Average, which is a sign that the uptrend is intact.
Therefore, the most likely SOL price forecast 2025 is highly bullish, with the initial target being the year-to-date high of $253, which is about 13.4% above the current level. A break above that price will raise the possibility of the coin soaring to the all-time high of $294.
On the flip side, a drop below the support at $200 may point to more downside in the near term as it will send a signal that there are still bears left in the market.
One potential catalyst for the SOL price is that companies are still buying the coin and adding it in their treasuries.
Data compiled by CoinGecko shows that the amount of coins held in these treasuries has jumped to 13.4 million, which is equivalent to $2.9 billion. This figure will get to $3 billion in the near.
The most recent company to add more Solana into its holdings is Helius Medical Technologies, which now holds 2.2 million coins worth over $525 million. It recently raised $500 million in a public placement to boost its holdings.
Forward Industries (FORD) has bought Solana tokens worth over $1.5 billion, while DeFi Development Corp has $226 million worth of Solana. Other large holders are companies like Upexi, Sharps Technology, and Sol Strategies.
Solana price has other catalysts, including the growing inflows into the Solana Staking ETF, whose assets have now jumped to over $441 million.
Also, Solana has one of the top weightings in the just-announced S&P Crypto Index, meaning that it may gain more demand when ETF providers start tracking it. Most importantly, the odds that the SEC will approve the spot Solana ETF have jumped to almost 100% on Polymarket.
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