Solana News: SOL Surges 21% in a Week, Overtakes Sony in Market Cap

Solana (SOL) has seen a remarkable 21% price increase over the past week, surpassing Sony in market capitalization. This surge is supported by bullish technical indicators, including the Ichimoku Cloud and BBTrend, which suggest continued upward momentum.

Solana (SOL) Price Gains 21% in One Week, Surpasses Sony In Market Cap

Solana (SOL) has experienced a significant price increase of 21% over the past week, surpassing Sony in market capitalization. Technical indicators, including the Ichimoku Cloud and BBTrend, suggest a bullish setup. The Ichimoku Cloud shows the price trading above the cloud, indicating strength, with the Tenkan-sen above the Kijun-sen, supporting short-term bullish momentum. The leading green cloud (Senkou Span A above Senkou Span B) further confirms a favorable trend. However, signs of consolidation hint at a potential pause in momentum. If SOL regains strength, it could test resistance at $292 and potentially rise to $300 for the first time. Conversely, a reversal may bring key supports at $229 and $211 into play.

Solana (SOL) Price Prediction For January 25

As of January 24, 2025, Solana (SOL) is trading at approximately $263.78, showing a surge of 4% in the last 24 hours. This upward movement indicates a resurgence in buying interest, possibly driven by recent market developments and positive sentiment surrounding the platform’s technological advancements. Analyzing the hourly chart, SOL has demonstrated a bullish trend. The Relative Strength Index (RSI) is approaching overbought territory, suggesting strong buying momentum. The Moving Average Convergence Divergence (MACD) has shown a bullish crossover, with the MACD line crossing above the signal line, indicating potential for continued upward movement. Additionally, the 50-period Exponential Moving Average (EMA) has crossed above the 200-period EMA, forming a 'golden cross,' which is typically interpreted as a bullish signal.

Solana’s Price Projection to $600 Despite $2.5B Unlock

A crypto trader has made a bold projection that Solana (SOL) could reach $600 within two months, despite concerns over a $2.5 billion token unlock in March that could impact market sentiment. Solana has been a standout performer in the current market cycle, with its price surging from $8 to nearly $300 in just 18 months, marking a 13x increase. Analysts, including those from Bitwise, have suggested that SOL could potentially reach $750 by the end of the cycle. The trader, Bob Loukas, believes that Solana's current market position, being the fastest and cheapest blockchain compared to Ethereum, could fuel a rapid price increase. However, the significant token unlock poses a potential risk to this optimistic outlook.

Jupiter Acquires Moonshot to Bolster Meme Coin Trading on Solana

Jupiter has acquired Moonshot and SonarWatch, aiming to enhance its offerings in the meme coin market. The acquisition, announced on January 25, reflects Jupiter's strategic focus on capitalizing on the rising popularity of meme coins. Moonshot's unique capability to enable users to buy meme coins using Apple Pay complements Jupiter's expertise in Solana-based token trading. The Moonshot team, described as innovative and driven, has seen significant user base growth recently, particularly following the launch of the Official Tru.