Solana (SOL) price is well-positioned to rally towards a new all-time high (ATH) soon. As Bitcoin (BTC) price rebounded above $111k on rising calls for capital rotation from Gold and Silver, SOL rallied around 9% in the past three days to trade at about $193 on Monday, October 20, during the mid-London session.
According to market analyst Aksel Kibar, if the SOL/USD pair rallies towards $247 in the coming days, an inverse head and shoulder (H&S) pattern will be confirmed. The analyst that such a move will be part of SOL’s continuing rally based on the massive cup and handle pattern.
In the weekly timeframe, the SOL/USD pair has rebounded from a crucial rising logarithmic support level, which has been established since late 2023. If Solana price consistently closes above the resistance range between $174 and $247 in the coming weeks, its parabolic phase of the 2025 crypto bull rally will be inevitable.
The bullish sentiment for SOL is backed by the squeezing weekly amid the recent rebound of the Relative Strength Index (RSI) above the 50 level.
The recent Solana price pump has coincided with its notable growth in transaction volume. According to market data analysis from Santiment, Solana’s transaction volume has surged in the past few days to its highest level since President Donald Trump took office earlier this year.
The last time that Solana experienced such an explosive growth in transaction volume was late last year, which resulted in the pump towards its ATH around $295.
The Solana network has emerged as a top base for the Decentralized Physical Infrastructure Network (DePIN). The DePIN industry is expected to grow rapidly following the regulatory clarity in the United States, especially after the Securities and Exchange Commission (SEC) issued a no-action letter on DoubleZero (2Z).
According to market aggregate data from , the Solana network has 63 DePIN projects. The most renowned Solana DePIN projects include Helium, Hivemapper, and Render.
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