Solana’s price has been juggling within a narrow range after dropping from the threshold at $200. Meanwhile, support levels have risen from $175 to $186, suggesting the buyers are slowly gaining control over the rally. This may further help the price maintain a healthy ascending trend. Besides, the volume continues to drain, which suggests the traders are looking for the right entry range. The current trade setup propounds that the SOL price is in a demand zone. Therefore, accumulating within the range may attract massive gains.
The top fourth crypto, Solana, gains momentum with the new ETF filings, potentially boosting mainstream adoption and regulatory dynamics. In the last 24 hours, the price has been fighting extreme bearish heat while the plunge is minimal even in the past 7 days. Hence, the SOL price looks promising, with a potential breakout above $300 before the end of Q1 2025. Meanwhile, the Solana platform is about to face a major hurdle in Q1 2025, which could delay the possibility of a new ATH.
SOL Token Unlock in March: How Will the Price Reach $300?
After gaining centre stage in the crypto markets, Solana is about to mark a significant milestone in March 2025. The platform is about to unlock over 112 million SOL tokens worth over $2.14 billion. These are the tokens that were held by the FTX exchange and sold at a discounted price to firms like Figure Markets and Pantera Capital, which rather displayed a huge institutional interest in the token.
Therefore, by unlocking nearly 23% of the circulating supply, a major impact on the SOL price rally is expected, hence placing the token within a decisive phase. Meanwhile, the price is currently within the same phase, which is expected to remain for another few days until it reaches the edge.
The daily chart of Solana suggests the price is trading within an ascending triangle on a small scale within a decisive symmetrical triangle in a wider landscape. The price is trading along the ascending trend line and the technicals suggest a rise to the immediate resistance zone between $197 and $200.22 in a short while. After rising above the range, the price could achieve an important resistance at the 50-day MA at $205.13 before testing the major resistance of the decisive symmetrical triangle close to $210.
There are fewer chances of a bearish pullback as the MACD levels display a drop in the selling pressure while the levels are about to undergo a bullish crossover. Besides, the token is experiencing a massive volume squeeze. Hence, a massive breakout in the buying volume could eventually elevate the levels to the crucial resistance at $216. Once these levels are secured, the upper resistance zone between $224 & $228 and $242 and $246 could be triggered, followed by a rise beyond the current ATH.
The Solana chain has swelled heavily in 2024, offering tough competition to the big chains like Ethereum. Although Ethereum dominated public token sales, raising $552 million with 559 projects launched, Solana followed with $324 million and 152 projects. Despite this, Solana managed to outperform Ethereum in terms of transaction volume and count. The platform faced numerous outrages and regardless of this, the market participants remain bullish on Solana. As a result, the SOL price is expected to maintain an elevated trend and mark new highs in 2025.
