Solana Surpasses Ethereum: Is $500 SOL Price Within Reach?
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Solana Surpasses Ethereum: Is $500 SOL Price Within Reach?Despite receiving this honor, th... Solana Surpasses Ethereum: Is $500 SOL Price Within Reach?
Despite receiving this honor, the year-end bullish forecast appears to have stalled as SOL's price declined by 3.34% today, mirroring the trend of other prominent altcoins.
To recover to pre-liquidation levels from earlier this week, Solana has fallen short, maintaining a 5.03% decline.
However, the downward momentum seems to be waning, as the trading volume over the past 24 hours decreased by 12.21%, falling to $3.5 billion.
Solana Surpasses Ethereum as Developers’ Top Choice
According to Electric Capital's developer report, Solana emerged in 2024 as the ecosystem of choice for new developers.
For the first time since 2016, a top-tier Layer 1 network other than Ethereum has become the preferred option for new developers. This year's report reveals that 7,625 new developers have chosen to work on Solana.
The report also notes that Solana boasts the fastest growth among large ecosystems in terms of monthly active developers, with an 83% year-over-year increase.
This impressive growth positions the Solana ecosystem as a leader in low-cost application scenarios, accounting for 81% of all decentralized exchange (DEX) transactions and 64% of all NFT minting transactions across all chains.
Bullish Outlook for 2025: Could SOL Reach $500?
These developments have fueled speculators’ optimism about Solana’s performance in 2025, with bullish scenarios suggesting SOL prices could surpass $500. While this target seems plausible, its realization largely depends on sustained adoption and regulatory progress.
Asset management firm Bitwise recently forecasted continued growth for Solana in 2025, predicting that "important" projects would migrate to the SOL ecosystem, complementing the network’s dominance in the meme coin sector.
As a result, there are ample reasons to remain optimistic about Solana, particularly with the increasing likelihood of SOL-related ETFs. If Trump were to return to office, the altcoin could experience tangible gains next year.
Looking ahead, Solana’s technical setup indicates how these targets might be achieved. Currently, SOL's price remains in a descending channel, consolidating and waiting for the next upward move.
Technical Analysis: Key Resistance and Support Levels
The 20-day SMA on the daily chart has become a strong resistance point for recent breakout attempts, with the latest failure contributing to today’s decline. As long as the MACD line remains below the signal line, this trend is expected to persist, indicating that bulls have stepped back.
However, strong support from the 50-day SMA is approaching, which could potentially trigger a reversal. If this support level holds, subsequent breakout attempts could set a short-term target of $272.50 near the end of the year, representing a 20% increase from current levels.
This would validate the cup-and-handle pattern formed since late 2021, paving the way for a breakout in early November. Subsequently, Solana’s price could reach a high of $380 in the first quarter of 2025, representing a 70% increase from its current price.
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