Solana Maintains Strong Long-Term Growth – Analyst Predicts SOL Will Reach New All-Time High This Year

Solana is currently at a pivotal point as the wider cryptocurrency market consolidates beneath significant resistance levels. Following a remarkable 90% increase since early April, SOL has faced a slight decline, leading to speculation that this could be the last dip before a major upward movement. While various assets are struggling to keep their momentum, Solana has displayed notable strength and resilience, enhancing bullish sentiments.

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Leading analyst Cas Abbe has provided a technical perspective asserting that the long-term bullish trend for Solana remains firmly in place. He notes that last month’s test of the multi-year trendline marked a crucial juncture for the asset, solidifying support and resetting sentiment for a prospective rise. Following the bounce from this level, SOL has continued its upward trajectory, and many believe Solana is set for another significant increase.

With strengthening fundamentals and historical trends indicating potential upside, market participants are paying close attention. A successful breach of nearby resistance could propel Solana back toward its previous all-time high, and possibly even higher. Currently, SOL holders view this consolidation period as the calm before an anticipated surge.

Solana Maintains Critical Support as Market Anticipates Bullish Progression

Solana is testing an essential demand zone around the $165 mark, working to establish a strong base for its next major movement. This range has become a key arena for both bulls and bears, particularly as market sentiment is influenced by Bitcoin’s attempts to surpass its all-time high. With BTC struggling just below $109K, uncertainty overshadows the outlook for many altcoins, including SOL. Nonetheless, Solana continues to exhibit relative strength.

Despite recent setbacks, Solana’s overall trend remains positive. According to Abbe, the asset’s long-term upward trajectory is still intact. Last month, Solana successfully revisited its long-term trendline, which Abbe considers indicative of the recent correction’s bottom. Since that bounce, SOL has risen over 50%, indicating strong investor confidence and solid underlying momentum.

Abbe believes that the previous high of $290 was not the ultimate peak for Solana, forecasting a new all-time high in 2025. His optimistic view is bolstered by improving fundamentals across the Solana ecosystem, including increased developer engagement, expanding DeFi participation, and rising on-chain activity.

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SOL Price Analysis: Stabilizing Before a Significant Move

Solana (SOL) is currently priced at $167.76 following a sharp increase in early May that lifted the price beyond both the 200-day EMA and 200-day SMA. The chart indicates SOL has risen over 90% since its low in April, confirming bullish momentum and renewed interest in the market. However, the price is now facing resistance just below the 200-day SMA at $181.03, acting as a barrier.

The main support is situated near the 200-day EMA at $162.55. As long as SOL remains above this threshold, the short-term outlook remains positive. A decisive break past the $181 level would pave the way for movement towards the psychological $200 barrier and possibly higher. Conversely, if bears regain influence and the price dips below $160, the uptrend may be at risk.

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Trading volume has seen a slight decline since the breakout in early May, suggesting potential exhaustion or a period of consolidation before the next upward move. Traders are eagerly awaiting confirmation—whether through a breakout above $181 or a breakdown below the EMA.

Featured image from Dall-E, chart from TradingView