Solana (SOL) has seen significant growth over the past five years — but the digital asset’s price action has been quite volatile since the start of 2025.
The Solana blockchain has attracted significant amounts of inflow from stablecoins and meme coins. In addition, the President of the United States launched his own meme coin, Official Trump (TRUMP) on the Solana blockchain. Though understandably controversial, the move did lead to a marked increase in network activity, as well as investor interest.
On January 19, the price of Solana reached a peak of $239.31. That rally didn’t last long, however — the price of SOL began receding after January 26.
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Although there were two attempts to break out to the upside, both were unsuccessful. First, the markets panicked after Trump failed to mention cryptocurrencies in his inauguration speech. Then, market-wide uncertainty on account of the President’s imposition of tariffs caused a risk asset selloff.
By press time on February 7, Solana was trading at $199.26 — a level just 3.30% higher than the Solana price seen on January 1 and just under the psychological level of $200.
Despite the recent drop, one technical analyst is confident that a rebound is coming — and a pretty significant one, at that.
Triple bottom hints that Solana price could skyrocket to $380
Pseudonymous cryptocurrency researcher TradingShot outlined a case for a Solana price surge to $380. The analyst first noted that the digital asset has been trading in a channel-up pattern since the July 29 2024 high.
On its own, even that alone would be a bullish setup — but in addition, SOL’s February 3 low doesn’t just represent a higher low on the channel up, but also the third leg of a triple bottom chart pattern on the $182 – $178 support zone.
That same low also represents the second leg of a double bottom chart pattern on the 200-day moving average (MA) on the 1-day timeframe, represented by the orange line below.
According to the analyst, this demonstrates a high level of demand — and thus, the support level in question is a long-term support level. As such, a bounce from those levels should initiate the next bullish leg of the channel up — much the same way as it happened with the September 6 low.
The last time this happened, Solana’s price surged by 119.43%. A corresponding rally from slightly below the support zone would lead to prices around the $380 mark — in other words, roughly 92.58% higher than the current price of SOL.
Featured image via Shutterstock
