Solana Price Prediction – SOL Still Has Potential to Hit $200 Soon

Highlights:

• Solana is showing weakness at $184 resistance for the third week in a row
• Solana is weighed down by broader market price action 
• Rising institutional demand could push Solana to $200 or higher

Solana (SOL) is having a slow day, reflecting the minor correction across the cryptocurrency market. When going to press, Solana was trading at $176.07, down by 1.11% in the day. Solana trading volumes have also dropped in the day, down by 11.56% to stand at $2.88 billion. The volume drop is a positive signal for Solana as it could mean that Solana holders are not selling their SOL despite the price correction. Besides, the broader market dynamics support a Solana rally in the short to medium term.

Bitcoin Price Action Holding Down Solana Intraday

One key factor that could drive Solana higher is Bitcoin. Like other altcoins, Solana trades in the overall direction of Bitcoin, which is undergoing a slight correction. This is mainly because many investors are in profit and are booking some. Data indicates that Bitcoin holders have taken $11 billion in profits, slowing down the price.

I already mentioned 12 hours ago that $BTC could go up to $109K–$110K and that’s exactly what happened

But I had also warned not to hold your profits for too long because futures traders are being liquidated aggressively

The market has been in a long-short liquidation game… pic.twitter.com/FVhGKxbtAl

— RONY KAPOOR (@LearnRony) May 21, 2025

However, long-term holders are still accumulating their Bitcoin. For instance, a French company is issuing a bond to buy 590 Bitcoins. Such moves are likely to drive Bitcoin higher, and by extension, push the price of top altcoins like Solana higher. However, not only is Bitcoin’s price pushing Solana higher, but Solana-specific factors are as well.

💥BREAKING:

🇪🇺 The Blockchain Group is set to purchase 590 $BTC following the conclusion of its bond sale. pic.twitter.com/fbH2BdPmK1

— Daniel Ehis💫 (@ehizzo61) May 27, 2025

Solana Mention on CNBC Likely to Draw In More Investors

Solana was recently mentioned on CNBC, which will likely drive FOMO as bulls return to the market. That’s because Bitcoin sends bullish signals, some investors may want to invest in the market but may be unsure of the best one to buy. With such a mention, a significant portion of that money could flow into Solana. This mention also comes when growing speculation is that Bitcoin could be headed to prices above $200k in the short term. This combined with media-driven FOMO, could push Solana to new highs. 

Solana Getting More Accessible to Institutional Money

At the same time, Solana continues to go mainstream through instruments designed for institutional money. For instance, Solana is available to investors in the EU through ETFs. Solana ETFs are also close to becoming a reality in the United States, despite the recent delay by the SEC. This growing ease of accessibility through structured financial instruments could help drive Solana higher going into the future. These could also reduce the price crashes Solana and other cryptocurrencies have experienced. 

Whales Buying Up Millions Of Dollars Worth of Solana

Besides the ease of access, whales are also buying Solana, a factor that could see Solana rally in the short to medium term. The latest news is that Sol Strategies has announced that it is issuing a $500 million convertible bond to buy Solana. This not only inspires confidence in Solana but could also help drive real demand, which is a plus for Solana’s price.

BREAKING:

SOL STRATEGIES ANNOUNCES A $500M CONVERTIBLE NOTE TO BUY SOLANA!

THE $MSTR PLAYBOOK ON $SOL! pic.twitter.com/bnzXYWBpfS

— Mister Crypto (@misterrcrypto) April 23, 2025

Technical Analysis – Solana Price Still Struggling Below Multi-Week Resistance

Solana continues to struggle below the critical multi-week resistance at $184. The fact that bulls have been unable to cross this resistance for three weeks could be a sign of weakness.

If Bitcoin weakens in the short term, Solana could drop to the multi-month support at $128.34 in such a case. However, if Solana bulls are strong enough to rally through the $184 resistance, Solana could rally to prices above $200 in the short to medium term.

Recap

Solana is weak today, but this has little to do with its fundamentals. It has more to do with the slow price action for Bitcoin during the day. However, overall market momentum remains bullish, which could send Solana to prices above $200 in the short term.