Solana (SOL) hit a price resistance level and is currently on a retracement after benefiting from the Trump meme coin frenzy. Although the price is retracing, technical indicators show positive momentum.
According to TradingView, SOL hit a resistance level
of $261 on Sunday. The trend was boosted by the launch of Donald Trump-themed
meme coins, a significant addition to the network. However, the rally isn’t limited to hype; it’s
underpinned by technical indicators and institutional interest that signal the
potential for further growth.
At the time of publication, SOL changed hands for
$241, representing a 28% increase in the past week and a 2% decline in the past
24 hours. Price remains above the 50 and 200 moving averages but still below
the overbought zone at 63.
On the weekly chart, Solana soared 41% from $183 to
$260 as investors remained optimistic amid high trading volumes and speculation
about a possible Solana-based spot ETF.
Solana (SOL) Daily Chart, Source: TradingView
Besides the positive technical indicators, Solana is
facing positive fundamental indicators. Solaxy, a layer-2 solution, has raised
over $12 million in a presale, CryptoPotato reported. The Solana-based project promises to enhance
scalability by processing transactions off-chain and bundling them to reduce
congestion on the main network.
Additionally, its compatibility with Ethereum boosts
its liquidity potential in Solana’s growing ecosystem. Despite the excitement,
Coinbase has faced heavy criticism for withdrawal delays affecting Solana
transactions.
Coinbase Faces Backlash Over SOL Withdrawals
Users vented frustration on social media, with some
accusing the platform of failing to prioritize Solana infrastructure.
Meanwhile, other users claimed significant financial losses as they waited
hours for pending transactions.
Coinbase, which recently listed the Official Trump
meme coin as an SPL token, has a history of operational issues during market
surges. The platform’s outages and Solana’s occasional network disruptions have
reportedly compounded users’ dissatisfaction.
Coinbase will add support for Official Trump (TRUMP) on the Solana network (SPL token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️ (@CoinbaseAssets) January 20, 2025
Solana’s price started retreating on Sunday, moving as
low as $230. This represents a significant decline from the previous high of
more than $270 just hours earlier.
Additionally, the new memecoins by the US first couple faced market volatility after Trump’s swearing-in yesterday (Monday). At the
time of publication, $TRUMP was down 22% in the past day at $38. On the other
hand, $MELANIA has also dropped from a high of $13 to currently trade at $3.
Despite the turbulence, SOL remains a top contender in
the crypto space. The market is eyeing a potential rebound fueled by robust ecosystem growth and institutional interest. Solana’s Soaring to over $1000
strongly depends on the overall market dynamics.
Solana (SOL) hit a price resistance level and is currently on a retracement after benefiting from the Trump meme coin frenzy. Although the price is retracing, technical indicators show positive momentum.
According to TradingView, SOL hit a resistance level
of $261 on Sunday. The trend was boosted by the launch of Donald Trump-themed
meme coins, a significant addition to the network. However, the rally isn’t limited to hype; it’s
underpinned by technical indicators and institutional interest that signal the
potential for further growth.
At the time of publication, SOL changed hands for
$241, representing a 28% increase in the past week and a 2% decline in the past
24 hours. Price remains above the 50 and 200 moving averages but still below
the overbought zone at 63.
On the weekly chart, Solana soared 41% from $183 to
$260 as investors remained optimistic amid high trading volumes and speculation
about a possible Solana-based spot ETF.
Solana (SOL) Daily Chart, Source: TradingView
Besides the positive technical indicators, Solana is
facing positive fundamental indicators. Solaxy, a layer-2 solution, has raised
over $12 million in a presale, CryptoPotato reported. The Solana-based project promises to enhance
scalability by processing transactions off-chain and bundling them to reduce
congestion on the main network.
Additionally, its compatibility with Ethereum boosts
its liquidity potential in Solana’s growing ecosystem. Despite the excitement,
Coinbase has faced heavy criticism for withdrawal delays affecting Solana
transactions.
Coinbase Faces Backlash Over SOL Withdrawals
Users vented frustration on social media, with some
accusing the platform of failing to prioritize Solana infrastructure.
Meanwhile, other users claimed significant financial losses as they waited
hours for pending transactions.
Coinbase, which recently listed the Official Trump
meme coin as an SPL token, has a history of operational issues during market
surges. The platform’s outages and Solana’s occasional network disruptions have
reportedly compounded users’ dissatisfaction.
Coinbase will add support for Official Trump (TRUMP) on the Solana network (SPL token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️ (@CoinbaseAssets) January 20, 2025
Solana’s price started retreating on Sunday, moving as
low as $230. This represents a significant decline from the previous high of
more than $270 just hours earlier.
Additionally, the new memecoins by the US first couple faced market volatility after Trump’s swearing-in yesterday (Monday). At the
time of publication, $TRUMP was down 22% in the past day at $38. On the other
hand, $MELANIA has also dropped from a high of $13 to currently trade at $3.
Despite the turbulence, SOL remains a top contender in
the crypto space. The market is eyeing a potential rebound fueled by robust ecosystem growth and institutional interest. Solana’s Soaring to over $1000
strongly depends on the overall market dynamics.
