Solana Eyes $350 Breakout: Key Resistance in Focus for SOL Price
Highlights
- SOL price faces stiff resistance at $185 and $200, crossing which could set stage for mega rally.
- Despite market-wide sell-offs, Solana futures trading volumes remain steady at $6.5 billion.
- Messari’s Q1 report highlights Solana's growth, with a 20% rise in blockchain GDP to $1.2 billion, a 145% surge in stablecoin market cap to $12.5 billion.
After a sharp surge last week, Solana prices consolidated this week mostly in the $165-175 range. Today, SOL price is 2% down amid the broader crypto market selloff, slipping under the $170 levels. Following a rejection at $185 resistance, Solana has corrected nearly 10%. However, on-chain data shows the possibility of a strong upside moving ahead.
Market analysts are hopeful that this rally can continue moving ahead all the way to $350, provided the altcoin knocks off key resistances on its path.
SOL Price Prediction: Analysts Eye $350 as Key Milestone
Despite the recent pullback in Solana, the crypto community remains bullish as the altcoin shows the preparedness to break past its accumulation zone of $115-$190. Market analyst Crypto Spaces noted that once the SOL price crosses the critical resistance of $200, the next major target of $350 would come very early.
This potential rally is drawing attention from traders, with the surge in engagement activity, including rising demand for Solana meme coins. Amid today’s crypto market sell-off, top Solana meme coins like Fartcoin, BONK, and dogwifhat (WIF) are also facing selling pressure at the moment.
Looking at the Solana derivatives data from Coinglass, the SOL futures trading volumes remain steady at $6.5 billion while the 24-hour liquidations have $12 million, of which $11 million is in short liquidation.
Solana Ecosystem Resilient Amid Market Volatility in Q1
Messari’s latest “State of Solana” report highlights the blockchain’s continued growth and resilience despite challenging market conditions. The blockchain analytics platform has also mentioned some key areas of improvement, like infrastructure upgrades and decentralized finance (DeFi).
During the first quarter of 2025, the Solana blockchain GDP witnessed a 20% uptick, reaching $1.2 billion. On the other hand, the total market cap of all stablecoins on the Solana blockchain surged by 145% to $12.5 billion.
Lastly, the Messari report highlights that the average daily DEX volume has jumped by 40.8% to $4.6 billion. It highlights Solana’s ability to thrive through innovation and expanding utility, solidifying its position in the blockchain ecosystem. Growing competition from AI-driven projects like Unilabs would also be a key aspect to watch out for as the SOL price eyes rally beyond $350.
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