After weeks of uncertainty, Solana Price is likely to shed off its overall price as market sentiment is shifting, with top coins also at risk of selloff.
Between May 6 and May 10, Solana (SOL), the fifth-largest cryptocurrency by market capitalization, recorded a price rally of about 25%. This marked a notable increase considering that the coin struggled with a low of $113 on April 7.Â
Solana Struggles Around $180
Notably, the spike in SOL’s price was recorded when the broader altcoin market rebounded. Leading digital asset Bitcoin (BTC) broke past $100,000, heading for $105,000 earlier in the week. This price action rippled to the other crypto assets in the space, including Solana.Â
At first, analysts and market watchers expected that SOL would sustain the uptrend and probably hit a new all-time high (ATH).Â
However, the fifth-largest ranking digital asset has not successfully jumped over and stayed beyond $180. The coin’s inability to break through the critical resistance highlighted by its daily 200-day Simple Moving Average (SMA) at $181 was blamed for this shortfall.Â
From May 10 to May 14, Solana attempted to breach the $180 price level with little or no success. Since then, the SOL price has pressured the daily SMA 200 to break it. This eventually translated into highs of $184.80 on May 13, but not long after that, the SOL price faced a retreat.Â
This coincides with a bearish mounting resistance, and analysts highlighted this situation as an indicator of a strong overhead supply zone. Currently, SOL is trading at $175.33 following a 1.84% price rally within the last 24 hours.Â
Catalysts For Future SOL Price Increase
Despite the coin’s current outlook, Solana was recently in the spotlight and ready to soar alongside its DEX volume. BGECrypto highlighted its increasing network activity in a May 8 report as one of the catalysts for SOL’s earlier positive momentum. It is worth noting that 2025 is only about five months in, but the DEX volume on the Solana network has exceeded $500 billion.
This outlook catalyzed the SOL price gain at the time. Going forward, the coin could see more price rallies, triggered by certain factors and events, including the approval of a Solana Exchange Traded Fund (ETF) by the United States Securities and Exchange Commission (SEC).Â
As of April 30, the odds of a SOL ETF had surged to 90%. Fingers are still crossed writing for the next move of the Commission and invariably, the next move if SOL.
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