Along with the top cryptocurrencies, Solana is also making a bullish comeback. The sixth-biggest cryptocurrency has surpassed the $150 psychological mark and is aiming for a massive bull run.
Despite the death cross event, the short-term recovery signals a bullish comeback to $160. Will this rising bullish momentum drive SOL prices back to the $200 mark? Let’s find out.
Solana Back in the Game: SOL Prices Cross $150
In the daily chart, the SOL price trend reveals a bullish candle with an intraday recovery of 3.60%. Currently, SOL is trading at $151.58, marking its third consecutive bullish day.
The low price rejection in Solana, backed by the $125-130 support, is finally resulting in a bullish comeback. However, furthermore, the recovery run in SOL has resulted in a positive crossover in the MACD and signal lines. Thus, the technical indicator marks a bullish signal for SOL.
However, the 50- and 200-day EMA lines in a declining trend have given a death cross event. Meanwhile, the declining trend in 100- and 200-day EMA lines also won a negative crossover.
Nevertheless, the recovery run in Solana is on the way to gradually overcoming the shadow of the 20% downfall on March 3. The immediate resistance in SOL remains the 20-day EMA line at $161. Meanwhile, the $140 support level is the immediate demand area.
Solana DEX Volume Market Share Gives Tough Competition to Ethereum
As the SOL price recovered gradually, SolanaFloor highlighted a new record. As per the tweet, Solana DEX volume has beautifully surpassed Ethereum’s entire ecosystem, which includes Layer 1 and Layer 2, in February.
📊 REPORT: @Solana DEXs volume briefly surpassed Ethereum’s entire ecosystem (L1+L2) in February despite the memecoin meltdown.
– Report by VanEck pic.twitter.com/bdSYBKITfM
— SolanaFloor (@SolanaFloor) March 6, 2025
This massive recovery comes despite the Solana-based meme coin’s meltdown. Hence, the declining trend in Ethereum and Layer 2 market share is dominating 40% of the market share in DEX volume.
Meanwhile, Solana is currently at nearly 30%. However, in February, Solana briefly surpassed the Ethereum and Layer 2 market share. Overall, the bullish trend in Solana and the declining trend of Ethereum and Layer 2 market share were bound to have a crossover event.
Considering the prevailing trend continues, Solana’s market share in the DEX volume is expected to surge in 2025.
Solana Price Targets
Based on the price action analysis, the quick recovery in Suladnam with broader market stability could reach the 50-day EMA line at $181. However, the rise of volatility in the crypto market due to a sudden announcement by Donald Trump or other key influencers could result in a pullback to $130.
