Solana (SOL) Could Hit $265 Mark, Here’s Why

Amid the continuing market restoration, Solana (SOL) is poised for a large upside rally as bullish worth motion is underway. Whereas newly elected President Donald Trump seems to be prioritizing SOL and XRP as America’s first strategic reserve.

These notable developments and updates are gaining immense consideration from crypto fanatics, leading to a formidable worth improve.

SOL’s present worth momentum

Right this moment, on January 17, 2025, SOL has skilled a formidable worth improve of over 6.5% within the final 24 hours and is at present buying and selling round $212. Nonetheless, throughout the identical interval, dealer and investor participation skyrocketed, leading to a major 85% improve in buying and selling quantity.

Solana (SOL) Value Motion and Key Ranges

Along with this growth, Solana (SOL) seems bullish because it has shaped a bullish worth motion sample on the day by day timeframe. In accordance with skilled technical evaluation, SOL seems to be forming a bullish double backside worth motion sample and is poised for a breakout from the trendline it has been dealing with since November 2024.

SOL worth prediction

Primarily based on the current worth motion and historic worth momentum, SOL may simply break this trendline, and there’s a excessive chance that the value may rise 22% to succeed in the $265 stage within the coming days.

Nonetheless, SOL’s efficiency has been spectacular over the previous three days because it has risen greater than 18%. Regardless of these notable good points, SOL’s Relative Power Index (RSI) remains to be beneath overbought territory, indicating that the asset nonetheless has loads of room to rise considerably within the coming days.

$60 million in SOL inflows to the exchanges

As the value continues to rise, some long-term holders seem like dumping SOL on the exchanges, as reported by on-chain analytics agency CoinGlass. Spot influx/outflow knowledge exhibits that the exchanges have witnessed an influx of over $59.15 million in SOL.

This on-chain measure signifies that long-term holders have moved their holdings onto the exchanges, which has the potential to create promoting stress and additional worth decline.

Nonetheless, wanting on the present market sentiment, it is not going to affect the SOL worth. Furthermore, a distinguished one crypto expert shared a publish on X (previously Twitter) stating {that a} technical indicator known as TD Sequential is offering a purchase sign for Solana (SOL).