TLDR:
- Solana tests 5-year trendline as bulls aim to hold support near $185 for potential breakout.
- Resistance at $225–$250 may decide whether SOL rallies toward $1,200 or slides to $50.
- DeFi growth hits 40-month high with 58.8M SOL locked despite price consolidation around $190.
- Gemini’s Solana card offers 4% rewards auto-staked, signaling ecosystem expansion and user demand.
Solana (SOL) is trading around $190.69, following a sharp rise of over 3,700% since December 2022.
The price now approaches a resistance zone between $225 and $250, an area that previously marked the peak of a major cycle. Analyst Ali Charts shared a chart showing this level as a turning point. He asked,
A break above this range may open the path toward $365, $590, $750, and possibly $1,200, based on historical moves. If the price fails to hold, the downside targets include $135, $105, $81, and $50, which served as support in previous market phases.
In the past 24 hours, SOL gained 0.39%, though it has dropped 5% over the last seven days, based on CoinGecko data. The current trading range is between $183.42 and $197.26, with a weekly low of $176. Trading volume remains high at $7.85 billion, reflecting continued interest as the price moves toward a key level.
Solana Price Returns to 5-Year Support Zone
Batman posted a long-term chart showing Solana testing its 5-year trendline. This line has held firm across several cycles, including periods of sharp correction. The weekly chart shows the price bouncing off this trendline multiple times since 2020.
At present, SOL is again resting on this trendline near $185. In past cycles, similar tests have been followed by upward moves. Referring to the trend’s reliability over time, Batman commented, “A bottom is far more likely than a cycle top here.”
If the price remains above this trendline, the broader market structure stays in place. A clear move below could shift market behavior and bring more downside pressure.
Meanwhile, on-chain activity shows increased use of Solana’s network. According to Crypto Patel, the total value locked (TVL) in SOL terms is now at a 40-month high, with 58.8 million SOL locked in DeFi. The USD value reached $13.34 billion, the highest on record.
While the price trades sideways, usage across DeFi platforms is growing. Patel described it as, “The divergence is too clean: price consolidating, fundamentals printing all-time highs.”
He pointed to this trend as a sign of long-term strength in the network.
Ecosystem Expansion and Institutional Support
Gemini has launched a Solana rewards credit card, offering up to 4% cashback in SOL, as previously reported. Rewards are auto-staked through the platform, combining payments and passive staking into one feature.
Separately, Solana Company (HSDT), backed by Pantera Capital, has begun unlocking shares from its $500 million PIPE raise. Pantera now lists Solana as its largest position, ahead of both Bitcoin and Ethereum, marking a shift in allocation across its portfolio.
