Solana (SOL) Price Forecast: Bullish Reversal in Sight with $247 Potential Target

• Solana leads the shift toward decentralized on-chain token listings.
• SOL trading volume rises, reflecting renewed investor confidence globally.
• On-chain listings enhance transparency and execution speed and lower fees.

Solana (SOL) is showing notable resilience despite a slight dip in value. In the past 24 hours, the token has remained relatively stable, though it is still down 9.26% for the week, signaling cautious sentiment among investors.

Currently, SOL price is at $128.89 with a trading volume of $4.4 billion in the last 24 hours and has increased by 27.84% from the previous day. The market capitalization of SOL stands at $72.09 billion. This indicates the popularity of the token.

Also Read: Solana Holds $130 Support as Spot ETFs Continue Strong Inflows

Solana Leads the Shift to On-Chain Token Listings

The data from Solana revealed that the token listings are no longer confined to centralized exchanges, as the market continues shifting toward open and permissionless infrastructure. With the launch of Sunrise from Wormhole Labs, projects can now have their tokens listed on-chain first, no matter where they debut elsewhere. This marks a decisive moment in how new assets enter the crypto ecosystem.

The positioning of Solana as a premier platform regarding initial price discovery reflects the larger trend of users being inclined towards trading on the order book available on the blockchain rather than the order book available only on the internet. As a result of this development in the DeFi sector of the Solana platform, initial token offerings are being aligned with the benefits of the decentralized network.

Solana Signals Bullish Reversal With $247 in Sight

Moreover, the crypto analyst Hardy indicates that SOL is moving toward a crucial support region and that the price is currently at the level of the weekly value of around $131-$132. The next support level below this point is the monthly support at $124.53. This level marks the bottom of the descending pattern that has been observed. There is bullish divergence at this point.

Looking upward from the current price, the first level of resistance will be the daily resistance at $167.29. The next level of resistance will be the daily resistance at $187.68. After that, the levels of resistance will be at $228.99 when viewed from a higher timeframe. There will also be another level of resistance at $234.30. The final level of resistance will be the upper bound at approximately $247.49.

Also Read: Solana Price Surge: Key Factors That Could Drive SOL to $200