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Solana Eyes $350 Breakout: Key Resistance in Focus for SOL Price

Solana (SOL) price nears a critical resistance zone. Analysts say a breakout could send SOL to $350. Here's what traders are watching.
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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.

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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.

Source: Crypto Spaces

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.

Source: Messari

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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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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