Amid the ongoing market rally, Solana (SOL) is poised for a massive surge as it has formed a bullish price action. While President-elect Donald Trump appears to be prioritizing SOL and XRP as America’s premier strategic reserve.
These notable developments and updates are massively attracting the attention of crypto enthusiasts, resulting in an impressive price rise.
The current price dynamics of SOL
Today, January 17, 2025, SOL saw an impressive price rise of over 6.5% in the last 24 hours and is currently trading near $212. However, during the same period, trader and investor participation skyrocketed, leading to a significant 85% increase in trading volume.
Solana (SOL) Price Action and Key Levels
Besides this development, Solana (SOL) appears bullish as it has formed a bullish price action pattern on the daily time frame. According to expert technical analysis, SOL appears to be forming a double-bottom bullish price action pattern and is ready to break out of a trendline it has been facing since November 2024.
SOL Price Prediction
Based on recent price action and historical price momentum, SOL could easily cross this trendline, and it is highly possible that it will surge 22% to reach the $265 level in the coming days .
However, SOL’s performance has been impressive over the past three days, as it has soared by over 18%. Despite this notable gain, SOL’s Relative Strength Index (RSI) is still below the overbought zone, indicating that the asset still has enough room to surge significantly in the coming days.
60 million dollars in inflow of SOL on the stock exchanges
As the price continues to rise, some long-term holders appear to be dumping SOL on exchanges, as reported by on-chain analytics firm CoinGlass. Spot inflow/outflow data reveals that exchanges experienced an inflow of SOL worth over $59.15 million.
This on-chain metric indicates that long-term holders have moved their holdings onto exchanges, which can potentially create selling pressure and further price declines.
However, looking at the current market sentiment, this will not impact the SOL price. Additionally, a prominent crypto expert shared an article on X (formerly Twitter) stating that a technical indicator named TD Sequential is sending a buy signal for Solana (SOL).
