Can Solana Soar Toward $400 by March 2025?

Solana (SOL) has emerged as one of the best-performing cryptocurrencies so far in 2025, rising by over 36% year-to-date to reach $265.10 on Jan. 24. The only top-ranking crypto that has come closer to SOL in terms of YTD price performance is XRP, which has jumped by nearly 37% in the same period.

Donald Trump Does an Elon Musk on Solana

The recent uptick in Solana prices has appeared largely due to its association with US President Donald Trump’s latest memecoin ventures: Official Trump ($TRUMP) and Oficial Melania Meme ($MELANIA).

Over the weekend, the pro-crypto leader and his wife, first lady Melania Trump, launched these memecoins on the Solana blockchain. TRUMP’s market surged to almost $15 billion immediately after its debut, while MELANIA attained a $2.21 billion valuation. Both have declined by over 50% ever since.

SOL’s price surged by over 15% after Trump’s memecoins debut, showing that Solana’s association with a high-profile figure helped generate enough buzz among crypto traders.

Such bullish behavior has a historical precedent, namely Dogecoin (DOGE), the top-ranking memecoin, which has rallied multiple times due to its association with billionaire entrepreneur Elon Musk.

A wallet associated with TRUMP memecoin also increased its SOL holdings on Jan. 23, according to data tracked by Arkham Intelligence.

JUST IN: $TRUMP TEAM BUYING MORE SOLANA pic.twitter.com/WzWYB98oGJ

— Arkham (@arkham) January 23, 2025

This wallet is buying SOL to potentially cover transaction fees required to interact with Solana-based tokens and protocols. Overall, this suggests a growing utility for SOL tokens, which may boost their prices in the future.

Solana Technical Setup Projects $400 Target

Solana’s (SOL) price is consolidating within an ascending triangle pattern on the daily chart, hinting at the potential for a massive breakout.

An ascending triangle forms when the price creates a horizontal resistance level (in this case, near $265) while simultaneously producing higher lows. This pattern indicates buyers are steadily gaining control as sellers fail to lower prices with each attempt.

For Solana, the upper resistance at $265 has repeatedly rejected price advances, while support levels near $250 have risen consistently.

A breakout above the $265 level could lead to a price move equal to the triangle’s height. Based on the pattern, this breakout could potentially lift SOL toward $388 (or $400), a nearly 47% increase from the current levels, by March 2025.

However, failure to break above resistance could cause the price to retrace to test lower support levels, particularly around the 50-day exponential moving average (EMA) at $215.