Solana price had a great performance in 2024 as its token doubled and as it overtook Ethereum in key metrics. SOL started the year trading at $193, down by over 27% from the highest level in December. So, will Solana rebound and continue its strong momentum?
Solana price prediction
The daily chart shows that the SOL price has been under pressure in the past few weeks. This struggle started after the coin peaked at $265 in December. The token has now moved below the 50-day and 100-day Weighted Moving Averages (WMA), which are about to form a bearish crossover pattern.
Notably, the coin has been forming a bearish pennant chart pattern, a popular continuation sign made up of a vertical line and a symmetrical triangle. This pattern often leads to a bearish breakdown when the two triangle lines are nearing their confluence.
Solana price is trading at an important level since it was the highest swing in July 2024. Therefore, the path of the least resistance for Solana is moderately bearish. A bearish breakdown will push it downwards, possibly to $174.50, its lowest level on December 20th.
More downside will be confirmed if SOL price crashes below the ascending trendline that connects the lowest swings since August 5 of last year. Such a move will see Solana crash to the next point at $110.
On the flip side, a move above the key psychological point will invalidate the bearish view and signal more gains, potentially to $264, the highest swing in December.
Solana’s ecosystem boom
The main bullish catalyst for the price of Solana is its strong ecosystem growth, which boomed in 2024 because of its meme coin. Data shows that Solana generated over $744 million in fees in 2025.
This growth came as Solana gained market share across all crypto industries. Its meme coins have a market cap of over $20 billion, a big growth considering that it had only a handful of meme tokens in January.
Solana also dominates the DEX industry, handling over $645 billion in volume. Its 7-day volume stood at over $19.48 billion, much higher than the $15 billion that Ethereum processed in the same period.
Solana is also a big player in the Decentralized Public Infrastructure (DePIN) industry, where networks like Helium and Hivemapper have a substantial market share.
The other notable catalyst to watch will be the potential approval of a spot SOL ETF in 2025. Such a move will lead to hype and inflows that will push the coin much higher.
Read more: Top 3 Solana Meme Coins for 5x Gains if SOL Price Hits $500
