Source: Cointelegraph
Original: “The Last Time This SOL Metric Turned Bullish, Solana Price Increased by 500%”
Key Points:
The price of SOL has risen 18% this week, indicating that bullish momentum is strengthening. This cryptocurrency is approaching a strategic turning point, with the potential to close above the 50-week Exponential Moving Average (EMA). Historical data suggests that this level has previously been a trigger point for significant upward trends.
In March of this year, SOL fell below the 50-week EMA and briefly dropped below $100 on April 7. Since then, Solana has staged a strong rebound, successfully reclaiming key EMA levels (100-week and 200-week), and the market focus has now shifted to the 50-week EMA (blue line), a crucial technical indicator.
Historical trend patterns reinforce the market's bullish outlook. In October 2023, SOL broke through the key resistance levels of the 50-week and 100-week EMAs, subsequently forming stable consolidation above these levels, ultimately achieving a significant increase of 515% by March 2024.
Market analysis data shows that the Relative Strength Index (RSI) was below 50 during both periods, highly similar to the current market situation. Once the 50-week EMA turned into a valid support level, this technical indicator rebounded and broke through the 50 mark. Analysts point out that if the 50-week moving average can provide solid support, the price target for SOL could reach between $250 and $350 by September 2025.
The daily chart further strengthens this view. Solana recently closed above the 200-day Exponential Moving Average (EMA), with the current immediate resistance at $180. If this resistance is broken in the coming weeks and successfully converted into a support area, it could trigger a parabolic price movement in the third quarter of 2025.
According to the latest data, over $165 million in liquidity has been bridged from other blockchain networks to the Solana ecosystem in the past 30 days, highlighting the growing market confidence in this network. According to Debridge data analysis, Ethereum leads with a transfer of $80.4 million, followed by Arbitrum with $44 million. Additionally, Base, BNB Chain, and Sonic contributed $20 million, $8 million, and $6 million in liquidity, respectively.
Similarly, data from DefiLlama shows that SOL recorded the highest decentralized exchange (DEX) trading volume in the past 24 hours, reaching $3.32 billion. The network currently holds a 28.99% market share among other blockchains.
SOL holds a 28.99% market share among competing chains, and its dominance in DeFi activity highlights its scalability and user adoption level.
Currently, the influx of significant liquidity and strong DEX trading volume provide a solid foundation for SOL's continued price breakthroughs.
Related: Cryptocurrency Assets Going Mainstream: Top Companies Increasing Investments in Bitcoin (BTC) and Solana (SOL), Coinbase Set to Enter S&P 500
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