Solana Ready To Explode, The Signals Are Green

The excitement surrounding the TRUMP memecoin and the prospects of spot ETFs are pushing Solana (SOL) to new heights. With record volume on DEX and strong institutional accumulation, the asset is showing promising technical signals for a potential 25% increase.

Favorable Technical Signals for Solana (SOL)

Solana (SOL), the native token of its blockchain, is displaying technical signals suggesting an imminent rise. A recent analysis shows that SOL is moving within 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, a progression 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 decentralized platforms (DEX) based on Solana are reaching records. With a total of $202.7 billion last month, these volumes now surpass those of Ethereum, demonstrating a growing interest in the SOL ecosystem.

Financial flows also confirm the enthusiasm for Solana. Investors withdrew $40.6 million of SOL from exchange platforms in 24 hours. This massive accumulation by long-term holders reinforces the bullish outlook for the token.

Institutional Catalysts Strengthen Prospects

The technical momentum of Solana is based on solid fundamentals, bolstered by a booming network activity. According to Copper.co, the blockchain registered a record of 9 million new addresses in 24 hours, fueled by the launch of the TRUMP memecoin, whose market capitalization reached $12 billion.

Investor attention is also turning towards the Solana ETF in the United States. Several institutional players, including Grayscale, VanEck, 21Shares, Bitwise, and Canary Capital, have submitted their applications, with a first decision expected by the end of January 2025. These initiatives reflect the growing interest of institutional investors and feed capital flows towards SOL.

The on-chain data from Coinglass confirms this trend. Nearly $40.6 million of SOL have been withdrawn from centralized platforms in the last 24 hours, suggesting accumulation by long-term holders. This momentum is accompanied by a 32% drop in trading volume, signaling a consolidation phase before a potential bullish move.

The Solana ecosystem appears to be perfectly positioned for a new phase of expansion, supported by growing adoption and solid fundamentals. The influx of retail investors and the anticipation of spot ETFs strengthen SOL’s prospects to reach the target of $330.