- Solana price is likely to witness a massive rise in the coming weeks after retesting crucial macro support levels.
- The altcoin’s strong fundamentals support a parabolic rally in the SOL/USD pair.
- Several technical indicators pointed to further upside for SOL price in the medium term.
Solana (SOL) price is well positioned to rally towards a new all-time high (ATH) soon. With the price of Bitcoin (BTC) rebounding above $111,000 due to growing calls for a capital rollover of gold and silver, SOL rose about 9% in the past three days to trade at around $193 on Monday, October 20, during the mid-London session.
Related to: Solana Price Forecast: Analysts see $300 target as ETF re-approves upside momentum
Why is Solana’s price bullish in the medium term?
Technical tailwinds amid increasing trading volume
According to market analyst Aksel Kibar, if the SOL/USD pair rises towards $247 in the coming days, the inverse Head and Shoulders (H&S) pattern will be confirmed. analyst male Such a move would be part of SOL’s ongoing rally based on the massive cup and handle pattern.
In the weekly time frame, the SOL/USD pair has rebounded from a crucial bullish logarithmic support level, which has been established since late 2023. If Solana price consistently closes above the resistance range between $174 and $247 in the coming weeks, its parabolic phase of the 2025 crypto bull rally will be inevitable.
SOL’s bullish sentiment is supported by weekly pressure bollinger band, Amidst the recent bounce of the Relative Strength Index (RSI) above the 50 level.
Related to: Solana Price Forecast: Traders are eyeing a major breakout as the market stabilizes
High trading volume
Solana’s recent price pump coincided with its notable growth in transaction volume. According to an analysis of market data from Santiment, Solana’s transaction volume in the past few days has risen to its highest level since President Donald Trump took office earlier this year.
The last time Solana saw such massive growth in transaction volume was late last year, pumping towards an ATH of around $295.
DePIN market growth is high, especially in Asia
The Solana network has emerged as the top base for the Decentralized Physical Infrastructure Network (DePIN). The DePIN industry is expected to grow rapidly following regulatory clarity in the US, especially after the Securities and Exchange Commission (SEC) issued a no-action letter on DoubleZero (2Z).
According to aggregate market data from DeepenscanThe Solana network includes 63 DePIN projects. The most popular Solana DePIN projects are Helium, Hivemapper, and Render.
Expansion into Asia Pacific
The Solana DePIN ecosystem is well positioned for growth in the Asia Pacific market amid the upcoming Accelerate APAC Shanghai exhibition on Friday, October 24.
During Shanghai Blockchain Week, Solana Network will partner with Hashkey Labs to host Solana Accelerate Asia Pacific Region, With the aim of bringing together local technology companies, top-tier venture capital firms and the global Solana ecosystem.
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