20th April 2025 – (New York) Solana’s price has shown resilience in the face of market-wide declines, rallying nearly 20% in the past week and 8% over the past month. At the time of writing, Solana (SOL) trades at $138.75, having rebounded from its downward trend on 10th March and consolidating around the $135 level, a critical zone for the Ethereum alternative token. With a support level at $125.82, SOL remains positioned for further upward movement, bolstered by bullish momentum indicators like RSI and MACD.
On-chain data reveals Solana’s dominance in activity compared to Ethereum and Base, leading with over 4 million active addresses in the past seven days. Similarly, Solana outpaced its competitors in decentralized exchange (DEX) volume, recording $5.48 billion versus Ethereum’s $975 million and Base’s $465 million. Solana also leads in transaction count, with 52 million transactions over the same period. This data underscores the token’s relevance and robust demand among participants in the crypto market.
Recent Federal Reserve announcements regarding potential interest rate cuts in 2025 have added to the optimism surrounding Solana, with traders anticipating three to four quarter percentage point reductions. Such a move could provide additional tailwinds for SOL’s price performance. The altcoin’s current trajectory suggests it could rally 13.33% to test the $152.90 resistance level. If successfully flipped into support, a further climb toward $180 is possible, a level that has historically acted as a sticking point for the token.
Despite Solana’s recent gains, the broader crypto market remains under pressure, influenced by economic fallout from President Donald Trump’s tariff announcements and a fearful sentiment among traders. Solana’s weekly gains of 10.5% contrast sharply with its year-to-date return of negative 30.6%, as market corrections and Bitcoin’s flash crashes erased gains from 2024. Grayscale’s data highlights Solana’s leadership in weekly performance among the top 10 cryptocurrencies, though XRP outpaces SOL in year-to-date returns.
Social dominance for Solana has surged, with Santiment data showing an increase from 8.30% on 15th April to 21.59% on 18th April. Alongside this, total open interest in Solana has risen, reflecting increased value in long and short positions. This trend supports the thesis for a continued rally in Solana’s price.
