Over the past week, the price of Solana reflected broader market trends, experiencing a slight decline of 1.3% in the last 24 hours. This drop led SOL to retest the critical support level of $226.
Despite a recent decline, experts believe that a successful breakthrough of the $235 resistance level may indicate that the upward trend of the past six weeks will continue.
Is Solana's price about to set a new historical high?
Market analyst reports indicate that Solana (SOL) has recently shown strong resilience. After briefly touching the $200 region, SOL rebounded quickly and is now holding steady at $230. If SOL can break through the key resistance level of $235, it is expected to relieve price pressure and challenge the previous high of $264 in the short term.
According to data from the market intelligence platform Glassnode, Solana's daily relative strength index (RSI) remains in a neutral zone, indicating that its upside potential is not constrained by overbought conditions, providing possibilities for further increases.
Glassnode co-founders Yan Happel and Jan Allemann point out that in addition to SOL, investors should closely monitor other potentially rising tokens, such as Jupiter (JUP) and Dogwifhat (WIF), which may gain indirect support from Solana's popularity.
Currently, SOL's trading price is $226, approximately 13.5% lower than the high of $263 set on November 23. However, its price trend is strongly influenced by overall market dynamics and policy expectations. The incoming Trump administration is believed to potentially introduce a more supportive regulatory framework for cryptocurrencies, which could be a positive signal for mainstream crypto assets, including Solana.
Experts believe that this policy stance may increase the likelihood of the approval of a spot Solana ETF. Earlier this year, ETF applications submitted by various asset management firms, if approved, could further drive institutional adoption and create a significant catalytic effect on SOL's price.
Bitcoin's price skyrocketed to a new high of $73,000 within two months after the approval of the ETF earlier this year, providing a reference point for Solana. If Solana's spot ETF is approved, its price could enter a similar rapid growth phase and set new highs in the coming months.
In this context, market analysts suggest that investors continue to closely monitor Solana's movements, as well as how regulatory and institutional dynamics shape its price outlook.
Solana surpasses Ethereum to become the top ecosystem for new developers.
According to the latest report from Electric Capital, Solana became the leader in attracting new developers in 2024. This achievement breaks Ethereum's dominance in this area since 2016. Solana attracted 7,625 new developers in 2024 alone, showcasing its strong appeal in the developer ecosystem.
Even more notably, Solana not only surpasses Ethereum but also becomes the fastest-growing large ecosystem. Its monthly active developer count grew by 83% year-over-year, a performance that is remarkable.
Geographically, Solana's appeal is particularly prominent in Asia, especially as India becomes the country with the most new developers. Additionally, the United States, the United Kingdom, Canada, and China also contribute significantly to its developer ecosystem.
Solana's success is closely tied to its focus on low-fee use cases, positioning it as a leader in decentralized exchanges (DEX) and non-fungible token (NFT) trading. Currently, the Solana network accounts for 81% of on-chain DEX trading and 64% of NFT trading, solidifying its dominant position in these key areas.
This dual growth of developers and use cases lays a solid foundation for Solana to continue leading the blockchain industry in the coming years.
