Solana News: Potential Rebound to $260 Forecasted

Solana [SOL], a prominent cryptocurrency, is showing signs of a potential rebound, targeting the $225 or even $260 mark, according to analyst Ali Martinez.

Solana’s Potential Rebound to $260

Solana [SOL] has been a prominent player in the cryptocurrency market, with its recent price movements attracting significant attention. Analyst Ali Martinez observed that SOL has been trading within a clear parallel channel, indicating steady price movement within defined levels. This pattern suggests a potential rebound for SOL, targeting the $225 or even $260 mark. The Fibonacci retracement chart further supports this analysis, highlighting key levels where SOL could react. If the price respects the 61.8% retracement level, aligning with the $225 mark, it could trigger an upward movement. market sentiment, as indicated by SOL’s Long/Short Ratio, is leaning bullish, providing further evidence for a potential rebound.

Solana (SOL) Faces Challenges Below $200 as Community Debates Network's Future

Solana (SOL) is struggling to stay above $200 as technical indicators such as the Ichimoku Cloud, ADX, and price action suggest ongoing challenges. The coin has failed to reclaim key resistance levels, but a break above $209 could open up a path toward $219 and even $244. However, the community is debating the network's future following the launch of controversial meme coin LIBRA and scrutiny over certain Solana applications. Users are also concerned about whether Solana has peaked in terms of adoption and price.

Solana Records Fifth Straight Week of DEX Volume Decline

Solana has recorded a fifth straight week of declining decentralized exchange (DEX) volume, with approximately $20.2 billion in trading volume for the week ending February 16. This trend extends a streak of declining weekly trading volume, based on data from DeFiLlama. Additionally, Solana’s on-chain transaction volumes fell by 28% to $31.8 billion in the week ending February 10, 2025. The slide in Solana DEX activity has been linked to a broader market trend, with similar volume reductions observed across other blockchains. The top DEX on Solana, Meteora, reported the most activity with a volume of $875.8 million, followed by Raydium at $836.37 million.

Pantera Capital Predicts Solana ETF Approval in 2025

Pantera Capital has reinforced the prediction of a potential Solana [SOL] ETF, citing SOL’s strong fundamentals and developer growth as factors fueling Optimism for its approval. The report, titled “Headwinds Becoming Tailwinds,” highlights a shift in market dynamics that could pave the way for SOL ETF approval in 2025.