Interestingly, a transfer of this magnitude would typically result in increased volatility or trading volume. However, the Solana market remained notably stable. This suggests the transfer may have been an internal restructuring, wallet reallocation, or an over-the-counter (OTC) transaction. 

Recently, similar large-scale transfers on the Solana network have become more frequent. For instance, five days ago, a $161 million SOL transaction was completed. This transfer occurred during a period of price decline for SOL. 

Following the most recent large transaction, Solana price increased by 4.18% within 24 hours, and trading volume surged by 22.84% to reach $3.59 billion. Additionally, the Solana network saw $1.75 billion in USDC minted during May, executed in eight separate $250 million batches by Circle. 

Solana’s network activity is also notable. Over the past 30 days, transaction count rose by 62%, hitting 1.9 billion—significantly higher than BNB Chain’s 306 million, indicating increased network utilization for Solana. 

Solana (SOL) Technical Analysis 

Technical indicators show that SOL tested the $160 level as support. The price appears to be moving within an ascending formation, suggesting consolidation with the potential for upward breakout. 

Key Support Levels: 

• $153.57 
• $149.46 
• $144.61 

Key Resistance Levels: 

• $162.51 
• $167.35 
• $171.46 

In a broader outlook, the $180 and $200 levels are also seen as significant resistance areas. Holding above $160 is critical for maintaining upward momentum. Closing above this level could support a move toward higher resistance levels. 

According to TradingView analysts, Solana is currently trading within a “rising channel” pattern around the $152–$160 support range, potentially signaling a buy opportunity on dips. The RSI (14) is at 67.62, indicating a neutral stance. 

NOT FINANCIAL ADVICE 

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Solana (SOL) regained momentum in mid-2024. The price has stabilized in the $165-170 range. Trading above the 50 and 100-day moving averages, the price structure signals positivity. 

Helius CEO Mert Mumtaz highlighted growing confidence in Solana’s architecture. Unlike Ethereum’s Layer-2 solutions, Solana offers direct Layer-1 scalability, standing out with low transaction fees and stable performance. 

“Solana’s parallel fee architecture isolates traffic between applications. This prevents sudden fee spikes and ensures a predictable user experience.” 

2025 Price Prediction: Is $700 Realistic? 

SOL’s price shows strong technical signals. The RSI is at 56, maintaining a positive outlook. The Parabolic SAR remains below the candles, indicating the uptrend persists. If the $165-168 range holds, the next target is $184. Then, the psychological $200 level comes into play. If these levels are decisively broken, a rise to $700 in 2025 becomes plausible. 

“Solana is one of the few networks that keeps fees stable even during congestion. This is not only cost-effective but also predictable and sustainable.” 

Solana Technical Analysis 

• The RSI currently stands at 56.67, remaining above both the signal line and the neutral 50 level. This suggests buyers still dominate the market. There’s a slight pullback from the previous peak of 65.19, but this is seen as a healthy consolidation rather than a trend reversal. 
• Meanwhile, the Parabolic SAR stays below the price, signaling sustained upward momentum and buyer dominance. 
• If buyers firmly hold the $165-168 range, the price is expected to test the $184 resistance. If this resistance is broken, a rise to $200 becomes feasible. 
• However, if the price falls below the 50-day moving average, selling pressure could increase. In this scenario, the price risks dropping to $147. 

From the current $170 level, SOL would need roughly a 400% increase to reach $700. In the short term, the price must first clearly break $176 and then achieve weekly closes above $180. If these levels are surpassed, the price is said to reach $200. 

***Not Investment Advice ***

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If this area is also broken and confirmed as support, we could see a further move towards $140. On the other hand, if the $110 support is not regained, there is a possibility of a pullback towards the $95 region once again.

Sui Technical Analysis

Sui is currently located within a bearish Fair Value Gap (FVG) zone. If we see a sharp rejection from this area, the price may decline back towards the $1.70 – $1.65 region.

On the other hand, if the level is broken and reclaimed with strength, we may see a move towards $2.50.

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The post Solana and Sui Technical Outlook: Critical Levels in Play! appeared first on Coin Engineer.

Positive Reaction from Support!

SOL gained traction from the $110 support level and broke through key resistance areas, showing a strong short-term rally. However, it faced some selling pressure at the downward FVG region, leading to a brief rejection. For now, the price seems to be receiving positive reactions from this region.

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Key Levels to Watch

• If Solana successfully breaks above the downward FVG zone, we could see a move toward the $150 level. Achieving this level would significantly strengthen the trend.
• However, if the support fails and the price moves downward, a retracement back to the $110 level could be seen. In this case, a further decline may follow.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Solana in Support Zone: Can It Rise Again? appeared first on Coin Engineer.