The crypto market has been wild in the last few years, but Solana (SOL) has been one of the top performers. In the previous week, Solana (SOL) has hit an all-time high of $293.31. So, will Solana be the next crypto to rally, and who are the experts predicting big price targets?

Recent Highlights: Solana’s all-time high

January 19, 2025, Solana surged ahead of Donald Trump’s inauguration as investors rushed to buy SOL following the release of the Trump meme coin. A recent Solana transaction involving 216 thousand SOL, valued at approximately $59.4 million, has captured the attention of cryptocurrency experts and traders. This substantial movement is sparking debate and speculation about its implications for the market.

SOL weekly price chart. Source: Brave New Coin

Solana’s price has been all about resilience and volatility. As of January 20, 2025, SOL is at $263.52 after a low of $9 during the FTX collapse, a 3,000% rebound. The recent surge is due to the launch of the Solana-based TRUMP token, a meme coin that went viral.

The TRUMP token launch has caused Solana’s trading volume to surge 40% to $35.8 billion. The cryptocurrency’s rise is backed by DEX volumes, which hit an all-time high of $27 billion. Meme coins like TRUMP and MELANIA are contributing to this growth.

Key on-chain metrics and technicals suggest Solana’s rally will continue. Total Value Locked (TVL) in Solana’s ecosystem went from $10.11 billion to $11.641 billion in a week, according to DeFiLlama. This indicates increasing confidence in the network’s utility and scalability.

Solana Total Value Locked. Source: DeFillama

Revenue is also at an all-time high, with daily fees at $34.27 million on January 20, 2025. These numbers mean Solana can monetize its ecosystem well and is in a strong position in the market.

SOL Ecosystem driving the price

The TRUMP token launched by CIC Digital and Fight Fight Fight LLC is now the 3rd largest meme coin and has brought a lot of attention to Solana. Solana also supports the MELANIA token, which has attracted retail investors and is driving Solana’s bull run.

To expand its ecosystem and attract developers, Solana has bridged with Ethereum’s Solidity through Hyperledger Solang so developers can build decentralized apps on both platforms. Solana has also partnered with Japan’s SBI Group and launched exclusive NFTs on SBI’s Web3 Wallet to expand globally and diversify its ecosystem.

Solana Price Prediction: SOL to hit $500 as the momentum builds

Solana’s recent run has brought back the talk of a $500 target. Currently trading near $270, after hitting an all-time high of $293.31, SOL is still looking very bullish.

SOL/USD daily chart. Source: Trading View

Solana’s technicals are looking good. Here are some levels to watch in the short term. Solana is above all the Exponential Moving Averages (20, 50, 100, 200-day), which means strong momentum and buying pressure.

The RSI is at 51.65, which means there are no overbought or oversold conditions and it supports price stability or growth.

The recent price surge to the 0.786 Fibonacci level at $255.45 shows high buying interest, but there has been a minor pullback. If Solana holds above the 0.618 Fibonacci level at $225.39, it would likely retest the recent highs and possibly new highs.

Solana Fibonacci retracement levels. Source: Trading View

If Solana holds above $225.39 and doesn’t go below the 0.5 Fibonacci level at $204.26, the market could return to the previous high or higher.

A consolidation above these levels could be bullish and possibly challenge the all-time high at $293.76 as per the extended Fibonacci levels. A break below $204.26 could be a deeper correction and possibly target lower levels like $184.46 (0.382 Fibonacci level).

Natalie Dormer (@NatalDormer) is more optimistic. She sees a “cup and handle” pattern on Solana’s weekly chart, a bullish pattern that often precedes big breakouts. Dormer’s analysis is further supported by Solana’s fundamentals, which are that it’s the fastest and most scalable blockchain.

Andrew Griffiths (@AndrewGriUK) is even more bullish. He says SOL has broken above 2021 all time high and is getting stronger. He has a medium term price prediction target of $500 and says increased adoption in DeFi and NFTs is the catalyst.