Solana (SOL) Price: Bull Flag Chart Pattern Teases a 53% Upward Move
By: coin central|2025/05/07 17:30:03
0
Share
TLDR:Solana’s stablecoin market cap has reached a record $13 billion, growing 156% in 2025SOL has formed a bullish flag pattern with a price target of $220Solana’s TVL increased 25% to $7.65 billion in less than 30 daysSOL currently faces resistance at $155.28 with support at $136.14Whale activity shows transfers exceeding $200 million, potentially signaling market shiftsSolana’s native token SOL has been showing signs of renewed bullish momentum after reaching $156 on April 25. Despite a slight pullback, multiple factors point to continued upside potential for the popular cryptocurrency.Solana (SOL) PriceThe supply of stablecoins on Solana has seen explosive growth in 2025, increasing by 156% and reaching a new all-time high of $13 billion. Circle’s USDC remains the preferred stablecoin for Solana users, commanding a 77% market share.Stablecoins on Solana recently surged past $13B in issuance, setting a new ATH@calilyliu on why Solana is purpose-built for moving digital dollars at internet speed pic.twitter.com/WYPPg0LEG6— Solana (@solana) May 5, 2025This surge in stablecoin capitalization is historically correlated with price rallies. Between December 2023 and August 2024, SOL price increased by 230% alongside a 160% rise in stablecoin inflows from $1.55 billion to $4.06 billion.Stablecoins play a vital role in Solana’s DeFi ecosystem by boosting liquidity and increasing demand for SOL, which is used for transaction fees and staking.Solana remains the second-largest blockchain in terms of total value locked (TVL), which has grown from $6.1 billion on April 9 to $7.65 billion on May 6 – a 25% increase in less than 30 days.Market Dominance GrowingThe blockchain has established itself as the clear leader in decentralized exchange (DEX) volumes, with daily figures reaching $2.61 billion. Solana holds a 27.7% market share in DEX volumes, outpacing both BNB Chain and Ethereum.Daily transaction count has also increased by 25% over the past month, reaching 57.77 million transactions. This growth coincides with a 44% increase in deposits on Sanctum, a liquid staking application, and 25% growth on the Jito and Kamino protocols.Technical analysis reveals that SOL has formed a bullish flag pattern on the daily chart. This pattern typically forms after price consolidates within a descending range following a strong rally.Source: TradingViewBullish flags are confirmed when price breaks the upper trendline and rises to match the height of the previous upward move. This puts the target for SOL at $220 – representing a 53% upside from current levels.However, crypto analysts suggest that SOL price needs to maintain support between $120 and $130 to increase chances of reaching $178 and beyond.Currently, SOL is consolidating between key support at $136.14 and resistance at $155.28, forming what some analysts identify as a possible “cup and handle” pattern.Whale Activity and DerivativesRecent whale activity has drawn market attention, with two massive transfers totaling over $200 million in SOL from unknown wallets. These movements could signal potential shifts in market sentiment and price action.Solana’s social volume has surged recently, indicating growing interest in the asset. However, its social dominance remains moderate at 3.94%, which is relatively low compared to other cryptocurrencies.Source: SantimentThe derivatives market has seen a rise in volume, with $9.35 billion traded in a 24-hour period, marking a 12.88% increase. Options volume rose sharply by 411.70%, suggesting strong speculative trading.In the past 24 hours, Solana faced $3.57 million in liquidations, with long positions being liquidated more than short positions, indicating a market correction.Traders should watch for volume confirmation and price action to determine if SOL will break out above the $155.28 resistance level, which could signal the start of a new bullish trend toward higher price targets.SOL was trading at $143.96 at press time, reflecting a slight decline of 0.90% in the past 24 hours.The post Solana (SOL) Price: Bull Flag Chart Pattern Teases a 53% Upward Move appeared first on CoinCentral.
You may also like

Vitalik wrote a proposal teaching you how to secretly use AI large models
Vitalik believes that in the AI era, users should not have to give up their identity to use an AI tool.

On the eve of the explosion of on-chain options
Options are becoming a new anchor in the cryptocurrency market.

WEEX AI Hackathon: How Did This AI Trading Winner Succeed?
A self-taught AI trading enthusiast achieved top-10 results at the WEEX AI Hackathon. Learn about the mindset, AI tools, and lessons behind this impressive performance.

One Balance to Rule Them All: Gravitas' On-Chain Prime Broker Ambition
Forty years ago, a technological revolution broke the isolation of information, reshaping Wall Street. Forty years later, Grvt aims to break the isolation of capital with an on-chain prime brokerage model.

That person who cashed out at the NFT peak is now selling a new shovel in the OpenClaw craze
A skilled person never picks the table, they eat meat with every bite.

Inter-generational Prisoner's Dilemma Resolution: The Nomadic Capital and Bitcoin's Inevitable Path
When the Baby Boomer generation collectively sells off, who will be the "bag holder" in the next asset crash?

Upstream and downstream are starting to fight, all for the sake of everyone being able to "Lobster"
「Lobster」 may not be a mature product yet, but it has already ushered in a new era of 「AI Assistants」.

Circle and Mastercard Announce Partnership, the Next Stage for the Crypto Industry Belongs to Payments
Stablecoins are transitioning from a speculative tool to real financial scenarios such as payments, cross-border transfers, and store of value.

From 5 Mao per kWh of Chinese electricity to a $45 API export: Tokens are rewriting currency units
When the same unit can both measure hashing power and facilitate payments, it ceases to be just a term and begins to evolve into a new currency of both value and influence.

Why is OpenAI playing catch-up to Claude Code instead?
Anthropic Bets Earlier on AI Programming, OpenAI Strategic Tempo Misaligned

Vitalik wrote a proposal teaching you how to secretly use AI large models
Vitalik believes that in the AI era, users should not have to sacrifice their identity to use an AI tool.

The doubling of Circle's stock price and the paradigm shift of stablecoins
The initial investments from Circle and Stripe, whether it is the R&D expenses for Arc, the high financing costs associated with Tempo, or the billion-dollar acquisitions of Bridge-type assets, are more akin to "placement fees" rather than commercially recoverable investments in the short term.

Key Market Information Discrepancy on March 13th - A Must-See! | Alpha Morning Report
1. Top News: Latest Developments in US-Iran Conflict, Son of Soleimani Vows Revenge, US Navy Plans to Escort Ships in the Strait of Hormuz
2. Token Unlock: $HTM

On-Chain Options Explosion.ActionEvent
Options are becoming the new anchor in the cryptocurrency market.

《Time》 Magazine Names Anthropic as the World's Most Disruptive Company
The most AI-wary company has created the most dangerous AI

Predictions market gains mainstream traction in the US, Canada, Claude launches Chart Interaction feature, What's the English community talking about today?
What Did Foreigners Care About Most in the Last 24 Hours?

500 Million Dollars, 12 Seconds to Zero: How an Aave Transaction Fed Ethereum's "Dark Forest" Food Chain
Spend $154,000 to buy AAVE at market price of only $111

AI Agent needs Crypto, not Crypto needs AI
It is not Crypto that needs AI to survive, but rather AI Agents that need Crypto to be implemented: when AI truly shifts from "thinking" to "executing," it must seek the boundaries of authority and funding within the programmable primitives of Crypto.
Vitalik wrote a proposal teaching you how to secretly use AI large models
Vitalik believes that in the AI era, users should not have to give up their identity to use an AI tool.
On the eve of the explosion of on-chain options
Options are becoming a new anchor in the cryptocurrency market.
WEEX AI Hackathon: How Did This AI Trading Winner Succeed?
A self-taught AI trading enthusiast achieved top-10 results at the WEEX AI Hackathon. Learn about the mindset, AI tools, and lessons behind this impressive performance.
One Balance to Rule Them All: Gravitas' On-Chain Prime Broker Ambition
Forty years ago, a technological revolution broke the isolation of information, reshaping Wall Street. Forty years later, Grvt aims to break the isolation of capital with an on-chain prime brokerage model.
That person who cashed out at the NFT peak is now selling a new shovel in the OpenClaw craze
A skilled person never picks the table, they eat meat with every bite.
Inter-generational Prisoner's Dilemma Resolution: The Nomadic Capital and Bitcoin's Inevitable Path
When the Baby Boomer generation collectively sells off, who will be the "bag holder" in the next asset crash?