Solana (SOL) price saw a modest rise in the last 24 hours following a gaslight recovery. SOL now trades above $160 while eyeing the $200 level. This upward move contrasts with struggles in broader crypto markets. Bitcoin (BTC) holds near $104,000, and Ethereum (ETH) remains above $2,400 after recent bullish trends.
Solana Price Sees Support as Wallets Holding 0.1 SOL Reach 11.16 M.
Solana was holding about support, while the number of addresses with 0.1 SOL hit a new high of 11.16 million. Data from Glassnode presented by Ali on X indicates that this is the highest ever number of active addresses recorded on the Solana network. The increase in small holders happened as SOL spent most of mid-May between $150 and $180.
The pullback of the asset earlier in May did not stop wallets from continuing to grow. The number of addresses on the network remained consistent from May 4 to May 18, pointing to an increase in activity. Analysts following this metric believe it demonstrates a wider growth of retail users. The recent leveling out of prices may be due in part to the growing number of wallets.
Solana Price Shows Bullish Rebound, Targets $200
Crypto analyst has identified a bullish trend forming on Solana price, following a correction that brought the asset lower. According to Dixon, the price structure has shifted after a small upward impulse, indicating a possible continuation of the uptrend.
On the 4-hour chart shared by the analyst, Solana appears to have bounced from a local support level, showing renewed buyer interest. The chart reflects a series of recoveries after short-term declines, suggesting steady accumulation in the current range.
If the current trend keeps, it may be possible for Solana to reach $200 soon, as analyst noticed early good signs. The RSI also shows on the chart that the market is back from being oversold.
Because RSI is increasing, and the price is forming higher lows, the market might be moving in favor of buyers. As long as $160 holds, the chart indicates bullish conditions if buyers continue to increase.
#SOL looking BULLISH having completed a correction down and a small impulse higher.
We should target $SOL 200 minimum imo and likely higher….. pic.twitter.com/PdqbFQzSjP— Matthew Dixon – Veteran Financial Trader (@mdtrade) May 20, 2025
Will SOL Price Recover To $200 Soon?
The latest SOL price sits near $165.71, showing mild losses in today’s trading on the 4-hour chart. Solana has been rejected from the $170 resistance level, continuing its sideways movement that started after peaking near $180 earlier this month.
The RSI is currently 45, which is slightly less than the 50-neutral zone. The signal line for the RSI is currently resting at 47.60. It means that the strength of buyers is getting weaker and confidence among them is falling.
Besides, the MACD is still below zero at -1.28, while the histogram is starting to flatten. It may indicate a move in price, but we have not seen any confirmation yet.
SOL is presently caught by $150 support from the bottom and $170 resistance from the top. If the price of SOL is above $170, bulls may aim for $180 and $200 next. If this rejection continues, the price might drop all the way to the support areas of $160 and $150.
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