Solana marks a quick recovery with a fresh breeze of recovery and a sentimental shift for the altcoin. The SOL price bounces off from $135 to reach the $180 supply zone. Will this recovery drive Solana beyond $200?
By Vishal Dixit
Edited by Marco T. Lanz
Updated
3 mins read
With the announcement of the US Strategic Crypto Reserve by President Donald Trump, the crypto market is on a bullish recovery path. It has included multiple altcoins like Solana SOL $151.7 24h volatility: 2.4% Market cap: $78.45 B Vol. 24h: $4.51 B , XRP XRP $2.18 24h volatility: 0.1% Market cap: $127.52 B Vol. 24h: $4.24 B , Cardano ADA $0.71 24h volatility: 4.4% Market cap: $25.69 B Vol. 24h: $1.06 B , Ethereum ETH $1 759 24h volatility: 0.9% Market cap: $212.32 B Vol. 24h: $13.45 B , along with Bitcoin BTC $93 376 24h volatility: 0.6% Market cap: $1.85 T Vol. 24h: $32.03 B in the strategic reserve.
Solana surged nearly 25% last night. With the sudden bullish recovery, SOL price created a peak at $180.
Currently, SOL trades at a market price of $161 with an intraday pullback of 9.78%. Will Solana manage to bounce back to hit the $200 psychological mark?
In the daily chart, the SOL price trend showcases a quick comeback from the $135 support level. With multiple lower price rejections, Solana managed to sustain bullish dominance at the crucial support level.
Furthermore, the news of the inclusion of Solana in the strategic reserve broke the bullish trend. With a bullish engulfing candle, SOL price surpassed the 78.6% Fibonacci level to challenge the $180 supply zone.
However, with the meetup of a sudden supply, the intraday pullback dropped SOL price to the $160 support level. Nevertheless, the quick bullish recovery comes as a potential retest of the $182 supply zone and the overall bullish trend line.
Amid the bullish recovery, the Solana Network continues to maintain its dominance in the decentralized exchange trading volume. For the fifth consecutive month, Solana has undermined all other chains in the market with a decentralized exchange volume of $105 billion.
📊REPORT: @Solana continues to surpass all chains in monthly DEX volume for the 5th straight month.
– Volume: $105 billion pic.twitter.com/8i0o4KdV2f
— SolanaFloor (@SolanaFloor) March 3, 2025
The Binance Smart Chain came in second with a volume of $84.256 billion, and Ethereum in third with $82.018 billion. Amid the increased DEX volume, SolanaFloor reports a massive inflow of bridged assets to the Solana blockchain.
📊REPORT: In February, over $700 million worth of assets were bridged from other blockchains to @Solana.
(This includes over $400 million from Ethereum to Solana alone) pic.twitter.com/VbzDAvZeOP
— SolanaFloor (@SolanaFloor) March 3, 2025
As per the report, in February, $700 million worth of assets were bridged to Solana from other blockchains. Out of the total bridged assets, $400 million came from Ethereum to Solana alone. This marks a significant shift of assets, proving it to be a potential Ethereum killer in future.
Along with the increased bridged assets and DEX volume, Solana dominates the NFT trend. With surpassing all the other chains, the chain reports massive monthly NFT user adoptions.
📊REPORT: @Solana continues to surpass all other chains in monthly NFT user adoption.
– Users: 146K
– Dominance: 32% pic.twitter.com/D7U1gvxYqi— SolanaFloor (@SolanaFloor) March 3, 2025
The NFT users on Solana hit 146,000, marking a 32% rise; it dominates 32% of the NFT space.
With the inclusion of Solana in the crypto reserve in the US, the short-term recovery fueled along with the overall network surge paints a bullish picture. Furthermore, the chain has survived the massive token unlock on March 1st, adding to the bullish viewpoint.
Based on the Fibonacci levels, if SOL price crosses above the 67.80% level at $184, the uptrend is likely to challenge the $213 resistance level. On the flip side, the crucial support for SOL price remains at $135.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
