Cryptonews Price Analysis

Solana Shatters $200 Barrier With 10% Surge – New Year New SOL High?

While late December saw Solana range-bound and down a couple of pegs, the altcoin seems to be riding the “new year, new me” wave with a major breakout.

Junior Content Creator

Harvey Hunter

Junior Content Creator

Harvey Hunter

About Author

Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

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Last updated:

January 2, 2025

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Unlike some, it seems Solana is delivering on its resolutions with a 10% surge to kick off the new year, reaffirming bullish price projections for SOL running into 2025.

Indeed, the front-running altcoin has distanced itself from its late December rut, breaking the $200 resistance that held it in consolidation.

A move that appears to have staying power, backed by a 25% bound in trading volume, reaching $3.7 billion.

Solana Price Analysis: New Year New Solana?

Technical indicators also seem to support a continuation of this rally, with the move affirming a bullish breakout of the descending channel forming since late November.

SOL / USDT 1D chart, descending channel pattern breakout. Source: Binance.

This comes as other indicators start to flip bullish. The daily Relative Strength Index (RSI) has broken into bullish territory above the neutral line for the first time since early December, a sign that buying pressure has taken the lead.

Something solidified by the MACD line as it surpasses the signal line. A move which, in recent history, has consistently led to significant upticks in the Solana price.

Given it materializes, the pattern sets a price target of $245, an 18.5% advance on current prices, setting Solana up for an attempt at a new high.

However, this stands to go much further as it could reaffirm the breakout path of a massive 3-year cup-and-handle targeting a new all-time high of $380.

However, the $210.57 resistance remains the most immediate threat to maintaining this momentum, with the past ceiling of $223.29 being the next.

This New Solana Coin Could See a Better 2025

While the Solana price certainly has high potential running into 2025, its meteoric rise over the past year has been largely driven by the meme coin market.

While the Pump.fun launchpad has made the Solana network a goldmine for 10-100x meme coin opportunities, the trading volume it brings has taken a toll. As any Solana user would know, failed transactions are the platform’s biggest gripe.

However, Solaxy ($SOLX), the first-ever Layer-2 solution built on Solana, heeds the answer to this call by bridging Ethereum’s liquidity-rich ecosystem. This innovation may be credited to its instant success, raising almost $8 million in its presale already!

This multi-chain approach leverages the strengths of each blockchain. While Solana is ideal for high-frequency trading and decentralized applications, Ethereum offers unparalleled liquidity and security.

Solaxy alleviates network strain. By offloading some of the network’s workload, it ensures that Solana remains fast, reliable, and scalable.

Even Just by holding, investors are already raking in passive gains by staking their $SOLX, with dynamic rates that reward early adopters and loyal stakers. Currently, this staking boasts an impressive 407% APY.

For the latest updates on the project, connect with the $SOLX community on X (formerly Twitter) and Telegram.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.