bullish

Solana

DeFi

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Helium

Solana price has retreated by 16.8% from the year-to-date high as the recent crypto momentum faded.&nbsp; 
Solana (<a rel="" href="https://crypto.news/price/solana/">SOL</a>) was trading at $220 on Sunday, bringing its market cap to $105 billion, and making it the fifth-biggest cryptocurrency. 
SOL has numerous catalysts that could propel the price higher in the longer term. It has become the biggest <a href="https://crypto.news/solana-is-the-fastest-growing-for-new-crypto-developer/" target="_blank">competitor</a> to Ethereum (<a rel="" href="https://crypto.news/price/ethereum/">ETH</a>), the biggest blockchain in the world.&nbsp; 
According to <a href="https://defillama.com/chains" target="_blank" rel="nofollow">DeFi Llama</a>, its total value locked has jumped by 18% in the last 30 days, bringing its total assets to over $9.12 billion. It has about $30 billion worth of stablecoins in its ecosystem. 
Solana has also become the biggest player in the Decentralized Exchange industry. Its seven-day <a href="https://defillama.com/dexs/chains" target="_blank" rel="nofollow">volume stood</a> at over $29.7 billion, higher than Ethereum’s $21 billion. The biggest Solana DEX networks are Raydium, Orca, and Meteora. 
Solana has a big share in the Decentralized Public Infrastructure and meme coin industry. Its DePIN networks like HiveMapper and Helium are doing well, while all Solana meme coins have a market cap of over $19 billion, led by Dogwifhat, Bonk, Peanut the Squirrel, and Popcat.&nbsp; 
HiveMapper is aiming to be a better mapping solution than Google Maps. According to its <a href="https://beemaps.com/" target="_blank" rel="nofollow">website</a>, it has already mapped about 17 million kilometers of roads and has a global coverage of 29%. Helium is disrupting the wireless industry by building a decentralized network. 
Meanwhile, expectations are high that the incoming Trump administration will loosen crypto regulations, and potentially approve a spot SOL ETF. There are chances that such a fund will attract institutional capital, as we have seen with Ethereum, which has <a href="https://crypto.news/spot-ethereum-etfs-breaks-key-record-eth-price-hit-5k/" target="_blank">attracted over $2.26 billion</a> in inflows in the past few months. 
 You might also like: <a rel="" href="https://crypto.news/why-ethena-price-is-pumping-why-it-could-surge-by-35/"> Why Ethena is pumping: Could it surge by 35%? </a> 
<h2 class="wp-block-heading" id="solana-price-analysis-bullish-patterns-forms">Solana price analysis: bullish patterns forms</h2> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/12/Solana-Price-2.png" alt="Solana price" class="wp-image-14319604">
 <figcaption class="wp-element-caption">
 SOL price chart | Source: <a href="https://crypto.news/price/solana/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
The daily chart shows that the SOL price peaked at $264.40 on Nov. 22. It pulled back to $220, but dropped and retested the crucial support level at $205 — the highest swing in March this year, and the upper side of the cup and handle pattern.&nbsp; 
A C&amp;H pattern is made up of a horizontal line and a rounded bottom, and is a popular bullish continuation sign. Solana has also remained above the 50-day moving average — a sign that the bull market is still there. 
It has formed a falling wedge pattern, a popular bullish sign. Therefore, the coin will likely have a strong bullish breakout in the coming weeks. The first target will be the year-to-date high of $264, followed by $400. 
 Read more: <a rel="" href="https://crypto.news/helium-price-could-enter-beast-mode-technicals-suggest/"> Helium price could enter beast mode, technicals suggest </a>

Solana blueprint: Falling wedge and moving averages keep bullish hopes alive

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