Solana: Is it about to break through or heading towards collapse? Can the surge in social buzz drive SOL to soar again?
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Recently, Solana (SOL) has faced strong resistance, with prices hovering below the key psychological level of $200. However, in 2024, this top altcoin has performed exceptionally well, with a growth rate close to 91% year-to-date. With social mentions surpassing Ethereum and the rapid expansion of the DeFi ecosystem, can Solana lead the market surge in 2025 and become the center of attention?
Short-term price analysis: Accumulating bearish signals
Currently, SOL is priced at $193.46, and the daily chart shows a trend of consolidation. Failing to break through the psychological level of $200, the price has been oscillating between $100 and $175. On the 4-hour chart, SOL has fallen below the 50-EMA and 20-EMA moving averages, forming a third consecutive bearish candle, with increased downside risk in the short term. In terms of technical indicators, the RSI has fallen below 50, indicating that selling pressure continues to increase and market sentiment is bearish.
2024: The breakout year for Solana
Despite the short-term bearish outlook, 2024 looks optimistic for Solana overall. Throughout the year, SOL has shown strong market performance, becoming a hot topic on social media. In the past six months, Solana has surpassed Ethereum in social mentions with 12.6 million compared to Ethereum's 11.42 million, indicating a surge in community interest.
DeFi and DEX data shines
Solana has performed outstandingly in decentralized exchanges (DEX) and total value locked (TVL). In November, Solana's DEX trading volume reached $129.7 billion, surpassing Ethereum's $70.6 billion by 83.7%, breaking the $100 billion mark for two consecutive months. This strong decentralized activity solidifies its position in the DeFi space.
Additionally, Solana's TVL reached a historic high of $23.08 billion in 2024 and currently stands at $21.136 billion, reflecting its network's rapid growth and resilience.
Future price outlook
In the short term, SOL may retest the support level at $175. However, the market may experience a final wave of upward momentum due to a Christmas rebound. If it breaks through the $200 level, the SOL price could challenge targets of $220 or even $250. In the medium to long term, Solana's social buzz and DeFi growth inject bullish momentum into its future prospects.
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