The post Solana (SOL) Could Hit $265 Mark, Here’s Why appeared first on Coinpedia Fintech News
Amid the ongoing market recovery, Solana (SOL) is poised for a massive upside rally, as it has formed a bullish price action. Whereas, President-elect Donald Trump seems to be prioritizing SOL and XRP for America’s first strategic reserve.
These notable developments and updates are gaining massive attention from crypto enthusiasts, resulting in an impressive price surge.
SOL’s Current Price Momentum
Today, on January 17, 2025, SOL has experienced an impressive price surge of over 6.5% in the past 24 hours and is currently trading near $212. However, during the same period, its participation from traders and investors skyrocketed, resulting in a significant 85% jump in trading volume.
Solana (SOL) Price Action and Key Levels
Besides this development, Solana (SOL) appears bullish, as it has formed a bullish price action pattern on the daily time frame. According to expert technical analysis, SOL seems to be forming a bullish double-bottom price action pattern and is poised for a breakout from a trendline that it has been facing since November 2024.
SOL Price Prediction
Based on the recent price action and historical price momentum, SOL could easily breach this trendline, and there is a strong possibility it could soar by 22% to reach the $265 level in the coming days.
However, the performance of SOL has been impressive over the last three days, as it has soared more than 18%. Despite this notable gain, SOL’s Relative Strength Index (RSI) is still below the overbought area, indicating that the asset still has enough room to soar significantly in the coming days.
$60 Million of SOL Inflow Onto the Exchanges
As the price continues to rise, some long-term holders seem to be dumping SOL on the exchanges, as reported by the on-chain analytics firm CoinGlass. Data from the spot inflow/outflow reveals that exchanges have witnessed an inflow of over $59.15 million worth of SOL.
This on-chain metric indicates that long-term holders have moved their holdings onto the exchanges, which has the potential to create selling pressure and further price decline.
However, looking at the current market sentiment, it won’t impact the SOL price. Additionally, a prominent crypto expert shared a post on X (formerly Twitter) stating that a technical indicator named TD Sequential is flashing a buy signal for Solana (SOL).