Solana (SOL) Price: Bulls Push Toward $200 Mark As Market Recovers

TLDR

Table of Contents

SOL price formed support above $165 and has climbed to around $177.50
Solana faces resistance near $178 and $180, with $200 becoming a potential target
Technical indicators show bullish momentum with positive MACD and RSI above 50
Chainlink’s “Build on Solana” initiative is attracting developers to the network
Trading experts predict SOL could reach $200 by weekend if bullish momentum continues

Solana’s price has been gaining strong upward momentum in recent days, finding solid support above the $165 zone. The cryptocurrency has managed to break through several resistance levels as it marches toward the highly anticipated $200 mark.

SOL started a fresh increase after establishing support in the $165 region. The bulls pushed the price above critical resistance levels at $170 and $172.

The upward movement continued as Solana reached as high as $177.50 before entering a consolidation phase. This consolidation is happening above the 23.6% Fibonacci retracement level of the recent wave from the $165 swing low to the $177.50 high.

Currently, Solana is trading above both the $172 level and the 100-hourly simple moving average. A connecting bullish trend line has formed with support at $170 on the hourly chart.

On the technical side, the MACD for SOL/USD is gaining pace in the bullish zone. The RSI for SOL/USD remains above the 50 level, indicating strength in the current uptrend.

The cryptocurrency is now facing resistance near the $178 level, with the next major hurdle situated at $180. Many analysts believe that clearing the $180 resistance zone could pave the way for a steady climb toward $200.

Growing Network Adoption

One of the key factors supporting Solana’s price rise is the increasing adoption of the SOL network. The blockchain has been gaining traction with popular meme coins and new project launches.

Chainlink’s recent initiative encouraging Web3 developers to “Build on Solana” has been particularly impactful. The program offers developers mentorship, tools, and support for startup projects, which is drawing new decentralized applications, NFTs, and DeFi projects to the Solana ecosystem.

We're excited to announce Build on Solana, a new startup program from @chainlinklabs to help leading teams build, launch, and grow in the @Solana ecosystem.
Selected teams join Chainlink Build and gain hands-on guidance, ecosystem incentives, and go-to-market resources from both… pic.twitter.com/TgIT070ghC
— Chainlink (@chainlink) May 16, 2025

This rise in adoption has helped sustain Solana’s bullish momentum despite some market fluctuations.

Price Predictions and Market Outlook

Trading experts foresee Solana’s price potentially surpassing the $180 range if sufficient bullish momentum continues with the overall market recovery. Some analysts predict SOL could reach the $200 mark by the weekend.

However, the path upward isn’t without challenges. The $170-$180 range has proven difficult for Solana to maintain, with the price facing repeated rejections over the past few days.

In the past week, Solana’s price dropped from a high of $181 to a low of $159 before recovering to around $172. This volatility suggests that while the overall trend appears bullish, short-term fluctuations remain likely.

If SOL fails to rise above the $180 resistance, it could experience another decline. Initial support on the downside is near the $174.50 zone, with major support around $172.

A break below the $172 level might push the price toward the $170 zone and the trend line. Should there be a close below the $170 support, Solana could decline toward the $162 support level in the near term.

The current major support levels are at $172 and $170, while the key resistance levels stand at $178 and $180.

The crypto market as a whole has shown signs of recovery, gaining over 1.5% in daily trading value. This broader market trend has helped support Solana’s price action.

Solana’s latest price movements come as the cryptocurrency continues to establish itself as one of the leading smart contract platforms in the blockchain space.

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