The buzz around the TRUMP memecoin and spot ETF prospects are pushing Solana (SOL) to new heights. With record volume on DEXs and strong institutional accumulation, the asset is showing promising technical signals for a potential 25% upside.
Favorable technical signals for Solana (SOL)
Solana (SOL), the native token of its blockchain, is showing technical signals suggesting an imminent rise. A recent analysis shows that SOL is evolving in a symmetrical triangle on a 4-hour chart, a pattern often associated with a breakout. If the token closes above $270, it could target $330, an increase of 25%.
The Relative Strength Index (RSI), currently at 54, supports this bullish outlook. This indicator shows that the asset is neither overbought nor oversold, leaving room for growth.
Furthermore, trading volumes on Solana-based decentralized platforms (DEXs) are reaching records. With a total of $202.7 billion last month, these volumes now exceed those of Ethereum, demonstrating growing interest in the SOL ecosystem.
Financial flows also confirm the enthusiasm for Solana. Investors withdrew $40.6 million worth of SOL from exchanges in 24 hours. This massive accumulation by long-term holders reinforces the bullish outlook for the token.
Institutional enablers strengthen prospects
Solana's technical dynamics are based on solid fundamentals, reinforced by a booming network activity. According to Copper.co, the blockchain recorded a record 9 million new addresses in 24 hours, boosted by the launch of the TRUMP memecoin whose capitalization reached $12 billion.
Investor attention is also turning to Solana ETFs in the United States. Several institutional players, including Grayscale, VanEck, 21Shares, Bitwise and Canary Capital, have filed their applications, with a first decision expected by the end of January 2025. These initiatives reflect the growing interest of institutional investors and fuel capital flows into SOL.
THE on-chain data from Coinglass confirm this trend. Nearly $40.6 million worth of SOL was withdrawn from centralized platforms in the past 24 hours, suggesting accumulation by long-term holders. This dynamic is accompanied by a 32% drop in trading volume, thus signaling a consolidation phase before a possible upward movement.
The Solana ecosystem therefore seems perfectly positioned for a new phase of expansion, supported by growing adoption and solid fundamentals. The influx of retail investors and anticipation of spot ETFs strengthens SOL's prospects of hitting the $330 target.
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