Solana Price Below $200 - Find Out What’s Next for SOL Price
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According to CoinMarketCap, the price of Solana [SOL] has dropped over 1.50%, currently trading at $191, with trading volume down 16%, falling to $2 billion.
The chart shows that Solana has formed an ascending wedge pattern below the resistance level of $200, which usually indicates a potential upward reversal that could occur in a bull market.
Nevertheless, the ascending support line remains effective, as the price continues to create higher lows, demonstrating strong bullish potential. Solana faces strong resistance near the $200 mark, which is critical for future upward momentum. If Solana breaks through this level, it could trigger a strong rebound, targeting $236, and may even breach $400 in the first quarter of 2025.
However, if the $200 resistance fails to break, the price may retrace to around the $180 support zone.
The formation of this wedge pattern, combined with trading volume and market sentiment, will serve as key indicators for Solana's trajectory in the first quarter of 2025.
Investors should closely monitor these important price levels to assess the continuation or reversal of the trend.
Total Value Locked (TVL) of Solana
In 2024, Solana showcased its robust financial ecosystem, with a TVL (Total Value Locked) reaching $20 billion, setting a historical high, indicating its high participation in staking, lending, and liquid staking.
Additionally, the market cap of stablecoins has reached $5.226 billion, further enhancing its liquidity framework. The daily fee income of the Solana network is $3.22 million, demonstrating its high usage rate, with a total trading volume of $32.93 billion.
Solana's permanent trading volume is $803.19 million, and the number of active addresses is 4.12 million, further proving that its expansion activities could drive price increases.
As of the time of publication, Solana's market cap is $91.682 billion, with the token trading price at $189.47, laying the foundation for growth in 2025.
Monthly Revenue of Pumpdofun
According to data from December 2024, Solana has performed strongly, particularly in its DEX trading volume and revenue from Pumpdofun, exceeding $80 million.
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