- The overall cash inflows to Solana DeFi products have gradually grown in the past few weeks.
- SOL price has consolidated between $123 and $134 in the past three weeks amid a growing bullish outlook.
On Thursdays early North American trading, the broader altcoin market, with Solana (SOL) taking the lead, showed a pattern of holding steady similar to Bitcoin (BTC), indicating consolidation. Meanwhile, growing optimism in the gold market, due to concerns about the U.S. stock market, has contributed to a positive, bullish atmosphere within the broader crypto market.
Solana Gets Needed Support from Coinbase and Robinhood
The Solana network gained support from Robinhood Markets Inc. (NASDAQ: HOOD) and Coinbase Global Inc. (NASDAQ: COIN). As part of an effort to draw in mainstream users of the Solana network, particularly from decentralized finance (DeFi) projects like Raydium DEX, both Robinhood and Coinbase unveiled plans to encourage user participation through incentives.
On Thursdays, Coinbase improved its Solana system to speed up block processing by five times, increase RPC performance fourfold, and boost dependability for an even more seamless user interaction.
Meanwhile, Robinhood announced a no-network fee for several Solana transactions until June 9, 2025.
Terrific announcement! Here’s what it means:
1. On the Robinhood app, you can now make up to 10 transfer transactions per month without paying any network fees on the Solana network.
2. Similarly, when using Robinhood Connect, you can perform up to 5 transfer transactions per month without incurring any network fees on the Solana network.— Robinhood (@RobinhoodApp) April 17, 2025
Bullish Momentum on the Rise
Following a remarkable surge over the past two years, driven largely by the widespread acceptance of its meme-based coins, the price of Solana (SOL) has persuasively demonstrated potential for long-term growth to an increasing number of investors.
Based on Binance‘s market data, over 71% of traders holding open SOL positions on the cryptocurrency exchange appear to be anticipating a swift upward price trend or bullish breakthrough in the near future.
Approximately 3 out of every 4 traders on Binance who have open Solana ($SOL) positions anticipate a rise in the price!
— Ali (@ali_charts) April 17, 2025
Midterm Targets for SOL Price
Over the past seven days, Solana’s price has followed a steadily climbing logarithmic pattern that started in January 2023, suggesting a positive outlook for investors. Notably, Solana’s value against the U.S. dollar has consistently finished above $126 during the last fortnight, even as trade war discussions continue.
In just a span of four hours, the SOL price has managed to shatter multiple downward logarithmic patterns that had been set for this year.
Within an hour, the Solana (SOL) price is showing signs of a possible bearish trend. This is indicated by a significant resistance level over $134 and a bearish RSI divergence. Consequently, it’s likely that SOL will revisit the support zone around $123 before potentially resuming its bullish journey towards reaching new highs.
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2025-04-17 19:15