Key Takeaways
- Solana trades above $250 for the first time in eight months, as the price gains a strong bullish momentum and receives a positive price prediction.
- Crypto experts and traders hint at strong bullish market sentiment and a potential new ATH for SOL price.
- ETF approval, SOL network upgrade, investor adoption, and increased interest are factors fueling SOL price action.
Solana is currently making strong headlines following its price rally above $250 for the first time in months since January 2025, as the price has struggled for a larger part on the higher timeframes, around $110 to $220. Still, a clear breakout suggests higher price targets.
While the price of SOL trading above $250 reflects increasing bullish price action, as whales and institutions explore accumulating the crypto asset for the long run, the news of ETF approvals and Grayscale adding SOL as a strategic asset has driven strong price action.
Market Sentiment Around SOL Price
According to Polymarket’s prediction for SOL ETF, there are strong indicators in its favour that the Solana ETF will be approved, acting as a big catalyst for bullish price action both technically and fundamentally, as market sentiment remains positive to the upside.
Additionally, Solana is planning to upgrade its network in the coming months, which is expected to significantly increase transaction activity and help boost its price to the upside. This news has generated a lot of bullish price predictions from crypto experts, who believe that if the price of SOL flips its $250 resistance into support, the price could rally towards new all-time highs.
Crypto Experts Suggest More Upside for Solana
Crypto experts such as CryptoJelle believe the price of SOL breaking to the upside of $250 could see a strong price rally towards a region of $270 to $300 price target, as current market sentiment seems similar to the price action of SOL in January when its price hit a new all-time high of $295.
However, traders and investors need to remain cautious despite a strong bullish rally, as a rejection of the Solana price from $250 could see its price retest the key support zone found around $220, which would allow buy orders to be filled before a bullish continuation to the upside.
Traders and investors would pay close attention to how the price responds around this region of $250 before taking the next course of action on investment, as a strong breakout and close above $250 signals bullish price continuations to the upside.
FAQs
How much is Solana today?
The price of SOL trades around $247 at the point of writing this article.
Can Solana hit $1000?
There is strong speculation that SOL will hit $300 before the year ends, rather than for the price to trade around $1k.
Can Solana get to 10k?
This is highly unlikely at the moment, but we cannot rule out its potential in the future.
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