Solana (SOL) rose 7% in the past 24 hours to $178.70, driven by a 70% increase in trading volume and growing bullish sentiment from analysts.
By Parth Dubey
Editor Hamza Tariq
Updated
3 mins read
Solana SOL $150.7 24h volatility: 2.6% Market cap: $78.04 B Vol. 24h: $3.80 B has emerged as one of the top performers in the past 24 hours, with the cryptocurrency climbing 7% to trade around $178.70. The sixth-largest cryptocurrency by market cap also saw a 70% increase in its 24-hour trading volume.
This price movement aligns with a 4.4% rise in the broader cryptocurrency market, pushing total market capitalization back above $3.5 trillion.
Recent on‑chain data from Glassnode shows a clear uptick in Solana network usage, with active wallet addresses climbing steadily over the past week.
Plius, in the past day, the network has recorded a 4.26% uptick in its total value locked (TVL), currently sitting at $9.53 billion.
Meanwhile, SOL outflows from exchanges have accelerated: holders withdrew over $16 million worth of SOL this week, following $107 million in withdrawals last week. Historically, large outflows suggest that investors are preparing for further price gains by shifting towards self-custody.
Analyst Ali Martinez observed that SOL has been trading within a clear upward channel since May 12. He suggested that the cryptocurrency could test the upper boundary of the channel near $210 soon.
#Solana $SOL looks poised to target the upper boundary of this channel, with $210 in sight! pic.twitter.com/Iido4VThxz
— Ali (@ali_charts) May 22, 2025
Popular crypto trader Jelle also echoed bullish sentiment on X. He predicted that once SOL clears the $250 resistance level, it would rise above $400.
It's a good thing I still own a bunch of $SOL.
Once it clears $250, I doubt it stops before it hits $400-$500.
All the weak hands have been shaken out.
Time to reap the rewards. pic.twitter.com/fW1EDquA6r
— Jelle (@CryptoJelleNL) May 22, 2025
On the daily SOL chart, price is approaching the upper Bollinger Band, indicating a sustained uptrend. The middle band (20-day SMA) around $165 offers immediate support to the cryptocurrency.
Key resistance lies near $190 at the upper Bollinger boundary, followed by $210 as noted by an ascending channel pattern on the four‑hour chart.
SOL price chart with RSI and Bollinger Bands | Source: Trading view
The RSI has climbed to the mid‑60s, reflecting bullish sentiment. There remains plenty of room for upward movement before a corrective pullback.
Meanwhile, the MACD is due for a bullish crossover, while the histogram bars are currently in red. However, the weakening bars confirm growing bullish momentum for SOL.
SOL price chart with MACD | Source: Trading view
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.