Solana's price is down 16.8% from its year-to-date high as the crypto trend has slowed down recently.
Solana (SOL) traded at $220 on Sunday, bringing its market cap to $105 billion, and making it the fifth largest cryptocurrency.
SOL has a number of players that could drive the price higher in the long term. It has become the biggest competitive to Ethereum (ETH), the largest blockchain in the world.
according to Call DeFihis total net worth has jumped 18% in the past 30 days, bringing his total assets to over $9.12 billion. It has about $30 billion worth of stable in its ecosystem.
Solana has also become the largest player in the decentralized exchange industry. Seven days the volume stood at over $29.7 billion, surpassing Ethereum's $21 billion. The largest Solana DEX networks are Raydium, Orca, and Meteora.
Solana has a large stake in Public Decentralized Infrastructure and the dog meme industry. Its DePIN networks like HiveMapper and Helium are doing well, and all Solana meme coins, led by Dogwifhat, Bonk, Peanut the Squirrel, and Popcat, have a market cap of over $19 billion.
HiveMapper aims to be a better mapping solution than Google Maps. According to s websiteit has already mapped about 17 million kilometers of roads and has a global coverage of 29%. Helium is disrupting the wireless industry by building a decentralized network.
At the same time, expectations are high that the incoming Trump administration will loosen crypto regulations, and may approve the spot SOL ETF. Such funds are likely to attract institutional capital, as we have seen with Ethereum, which has it attracted more than $2.26 billion in the past months.
Solana price analysis: bullish pattern forms
The daily chart shows that the price of SOL reached a peak of $264.40 on November 22nd. It pulled back to $220, but dropped down and reconfirmed the critical support level at $205 – the high of March this year, and the upper side of the cup and handle. a pattern.
The C&H pattern consists of a horizontal line and a circular base, and is a popular continuation sign. Solana has also remained above the 50-day moving average – a sign that the bull market is still in place.
It has formed a falling wedge pattern, a popular bullish sign. Therefore, the coin is likely to have a strong breakout in the coming weeks. The first target will be the year-to-date high of $264, followed by $400.
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