Solana (SOL) has experienced significant price growth, reaching $148.35 with a 7.06% increase in 24 hours and a 17% weekly gain. Institutional investments shifting from Ethereum to Solana, primarily by Galaxy Digital, contribute to its rising market dominance. With metrics suggesting Solana’s DEX volume and active addresses far exceeding Ethereum, technical indicators depict a bullish outlook despite overbought conditions. Traders are advised to approach with caution but maintain a watch on strategic entry points.
Solana (SOL) has surged to a price of $148.35, reflecting a 7.06% increase over the past 24 hours and 17% growth this week. Trading volume has escalated to $4.65 billion, rising by 17.43%, signifying robust market activity and renewed investor confidence. Institutional interest is indicated by Galaxy Digital’s transfer of approximately $105 million from Ethereum to Solana, where they acquired about 752,240 SOL worth approximately $98.4 million in two weeks.
Analysis of network metrics shows Solana leading over Ethereum in influential categories. Dune Analytics reports that Solana’s decentralized exchange (DEX) volume surpassed $500 billion in three months, while Ethereum recorded $400 billion. Moreover, active addresses on Solana have exceeded 220 million compared to Ethereum’s 80 million, reflecting increased adoption and user engagement in the Solana ecosystem. The rise of interest in memecoins on the Solana network, such as Fartcoin surpassing $1 and achieving a market cap over $1 billion, signals heightened trading activity.
Whale movements have significantly impacted Solana’s market dynamics. A notable whale now possesses around 1.29 million SOL tokens valued at $180 million. This individual unstaked 100,000 SOL recently, worth approximately $14 million, indicating potential market selling activity. Other large accounts have unlocked $37 million in staked SOL that has appreciated to $206 million, showing the profitability of long-term investments.
From a technical standpoint, Solana exemplifies bullish characteristics. An Average Directional Index (ADX) reading of 100 highlights a robust upward trend, complemented by positive MACD divergence. However, the Relative Strength Index (RSI) at 76.32 suggests overbought market conditions. Increased volatility is anticipated as indicated by a 12.61% expansion of the Bollinger Bands. Traders should monitor resistance levels at $147-$152 and support at $138, with caution advised below the $132 mark, potentially signalling a trend reversal.
On April 20, Solana briefly surpassed Ethereum in staking market cap dominance, intensifying discussions regarding token distribution and centralisation of the networks. While short-term outlooks remain positive, long-term predictions advocate for cautious optimism. Changelly anticipates an average Solana price of $148.66 in 2025, with a projected range of $136.68 to $144.42 by April 2025. Current volatility is measured at 2 out of 10, suggesting that traders should adopt disciplined risk management strategies and consider strategic entries in the $138-$141 range on potential pullbacks.
