- Solana investors are HODLing firm, with 6-12 month holders now controlling 27% of the supply.
- $210 is a crucial support level, indicating a continued bullish trend for SOL.
- Solana’s price could reach $1,000, driven by strong market dynamics and positive sentiment.
Solana (SOL) has emerged as one of the most promising cryptocurrencies in 2024, with long-term investors showing strong conviction in its future price potential. According to data from Glassnode, the share of wealth locked in the network by long-term holders is increasing, with the 6-12 month cohort now holding 27% of the total supply. This trend reflects the confidence of investors who entered during the 2024 rally and are holding firm, expecting higher prices in the long run.
At the same time, the 1-2 year cohort, consisting of investors from the previous bull run, has seen a notable decrease in holdings. From 48% in June, this group now controls less than 5% of the supply. Many of these holders took profits during this year’s rally, and those looking to sell SOL have likely already done so.
Solana’s Support, Resistance, and Key Levels
The technical outlook for Solana remains bullish as it continues to make strides in the crypto market. According to crypto expert Alan Santana, the future price movement of SOL can be largely defined by key support and resistance levels. Santana highlights that as long as SOL remains above $170, it will maintain a long-term bullish trend. Furthermore, if SOLUSDT surpasses the $210 mark, it could enter a “hyper-bullish” phase, indicating strong growth potential.
Despite hitting an all-time high earlier this year, SOL has undergone a retracement. This week marks the third consecutive week of bearish action, but a support level has emerged just above $210. This support level is crucial, aligning with the high reached in March 2024. If this level holds, it strengthens the bullish case for SOL and suggests that the cryptocurrency is poised for further growth once the retracement phase concludes.
A drop of over 22% and the testing of the 0.382 Fibonacci retracement level are considered standard in a bullish wave, indicating that SOL could be primed for a price rebound. The chart structure is balanced, and the moving averages are in alignment, further supporting the case for continued bullish movement.
Solana’s Price Targets: What’s Next for 2025?
Looking ahead, the next major resistance level for SOL is projected to be around $400. This level holds significance, as it coincides with both the Fibonacci golden ratio and a psychological price point. If SOL surpasses $400 with minimal retracements, the next target could be $500, followed by a potential price surge to $640.
Santana’s analysis predicts that Solana’s price could experience extraordinary growth if the market remains strong, with the possibility of reaching over $1,000 by 2025. This optimistic outlook is driven by positive market dynamics and a growing sense of confidence in the cryptocurrency’s future.
Impact of Spot ETFs and Market Sentiment
The global crypto landscape is evolving, and events like the launch of Spot ETFs could play a significant role in driving Solana’s price upward. As investor sentiment improves and institutional adoption increases, the demand for Solana could surge, pushing its price to new heights. The next few years are crucial for the cryptocurrency market, and Solana stands to benefit from these developments.
Solana’s strong performance in 2024, combined with its growing investor base and strong technical fundamentals, sets the stage for significant growth in the coming years. The cryptocurrency’s long-term prospects are highly optimistic, with many analysts forecasting further price increases as Solana continues to build its position in the market.
Investors holding SOL with a long-term outlook are well-positioned to see substantial returns. With major support levels in place, a bullish technical structure, and the potential for global adoption, Solana is poised for success. As 2025 approaches, the future of Solana looks brighter than ever, and its price could continue to climb to new heights.
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