Solana Price News: The Last Time SOL Touched This Level It Surged to ATH – Can History Repeat?

SOL is currently one of the worst-performing assets in the top 5 with yearly losses of 32.8%, only surpassed by Ethereum, whose native asset ETH has retreated by 43.5% during this same period.

Despite this year’s weakness, the Solana ecosystem has been expanding rapidly and attracting both developers and investors as the network has emerged as the most scalable and secure alternative to deploy decentralized apps (dApps).

Moreover, the weekly chart suggests that SOL could explode in the next few months as it has the past two times it has touched this relevant technical threshold.

Solana Ecosystem Has Expanded Rapidly in the 15 Months

On-chain data indicates that Solana is currently the second-largest network in terms of total valued locked (TVL) with a market share of 6.9%, closely followed by BNB Chain with a 6.1% share as per data from DeFi Llama.

However, these percentages pale in comparison to Ethereum’s 52.5% share of the DeFi space.

Although BNB Chain may have a similar share, crypto natives prefer Solana as it is a fully decentralized network while the former is heavily dependent on its parent company, Binance.

Solana also has six native dApps with a TVL exceeding $1 billion while BNB Chain’s $1 billion+ peers are multi-chain protocols rather than applications developed specifically for its blockchain.

Stablecoin balances have also exploded since 2024 started, moving from $1.8 billion to $12.5 billion as meme coin investors have flocked to the network to pour money on dApps like Pump.fun and capitalize on this rising category.

Although Solana still has a long way to go to become the ultimate Ethereum killer, the network has performed positively in the past few years with few hiccups or security incidents along the way while it has also managed to a significant number of developers as it is a cheaper and more easily scalable alternative to the latter.

Weekly Chart Suggests that SOL Could Make a New ATH in 2025

Looking at the weekly chart, an interesting pattern has emerged as the price of SOL has exploded to higher levels once it has touched a key Fibonacci support area.

The first time this happened was in June 2023. Back then the price recovered and managed to close above the 61.8% Fibonacci retracement level. Less than a year later, it had exploded by 1,200%.

After consolidating for a few months, the price once again retraced to the 61.8% area after it hit the $200 level. It bounced off this area multiple times a few months later until the uptrend once again accelerated to push SOL to its current all-time high of $293 for a 140% gain.

Right now, the price is once again hovering above this key marker and this could be a defining moment for this cycle as a strong bounce off this area could push SOL to higher ground as it has the past two occasions.

History does not always repeat, but it often rhymes.

Momentum indicators are not yet favoring a bullish outlook so the cautious approach would be to wait until the Relative Strength Index (RSI) confirms that the trend has changed.

However, the MACD’s histogram shows that negative momentum is starting to weaken as it has posted its second consecutive light red bar.

Fibonacci retracements are typically confirmed by a strong rally after the price touches a key area. If this occurs in the next few weeks, this could be the beginning of a strong recovery for SOL that could push it to a fresh all-time high this year.