Will Solana Price Hit $200 as Bullish Wedge Pattern Takes Shape?

Solana (SOL) is poised for a bull run to $200, according to a top market expert. The bullish wedge formation supports this optimistic price prediction for the SOL token.

However, investors must remain cautious due to headwinds such as faltering network activity and capital rotation from Solana to other chains. At press time, Solana price trades at $155 with a 4% intraday gain while the daily trading volumes shot up by more than 60% to $2.62 billion.

Solana Price Rally to $200 Looms Amid Bullish Wedge Pattern

Solana price is flashing bullish signs, suggesting that a 29% gain to $200 may be imminent. The appearance of a bullish falling wedge pattern signals this rally, as it often precedes a trend reversal if the price can overcome resistance at the upper trendline.

SOL price bounced from the lower support of this pattern in early May shortly after the MACD formed a buy signal. The rally was cut short as the price approached the upper resistance level, but if it can make a decisive close above, it may catalyze a strong move to the upside.

The height of the falling wedge pattern shows that if the price of Solana overcomes the upward sloping resistance, it could surge by 57%, with the target price standing at $280. However, for Solana price to rally and reach this height, it first needs to overcome the resistance at the $200 psychological level.

However, for this bearish outlook towards Solana price to play out, the ADX line on SOL’s daily chart needs to tip north to show a strong trend. Currently, this indicator is sloping downwards, which is a sign of a weak trend.

BitGet analyst Ryan Lee opines that while there is a risk of a near-term drop to $120 due to whale outflows, a price rally above $200 is still likely to occur. While speaking to CoinGape, he said,

“Its robust ecosystem and ETF speculation bolster a bullish long-term outlook, with a projected range of $155- $178 by June 2025, potentially reaching $200 if momentum resumes.”

While the bullish signs are aligning, several headwinds suggest that Solana’s uptrend to $200 is still facing headwinds.

Declining Network Activity, Whale Outflows May Delay Rally

Data from DeFiLlama shows that Solana’s network activity has declined significantly. In less than three weeks, Solana’s DeFi TVL has shed more than $1 billion and currently stands at $8.405 billion.

The falling TVL highlights a bearish sentiment towards the price of Solana. It shows that fewer people are using the blockchain, and with reduced utility, the altcoin’s price may decline.

Besides the falling network activity, whale outflows are also increasing, as recent on-chain data reveals that a whale address unstaked 50,000 SOL tokens and moved them to Binance. In just two months, the whale has unstaked 175,000 SOL despite a hidden bullish fractal for Solana price.

In conclusion, Solana price may hit $200 as it forms a falling wedge pattern on the daily chart, which signals a potential bullish trend. Analysts are also bullish that SOL may reach $200 in June 2025, but declining network activity and whale outflows may affect the rally.

For a more detailed Solana price prediction from 2025 to 2030 – Read This.