In 2025, the Solana [SOL] blockchain stood out as the top revenue-generating chain, followed by Hyperliquid [HYPE]. Solana generated $1.3 billion in revenue, while Hyperliquid and TRON [TRX] followed closely with revenues of $816 million and $608 million, respectively.
Despite its strong performance, Solana faced a setback with the 10/10 crash that brought its price below $200, leading to a bearish market sentiment that has persisted since then.
Amidst a tug-of-war between SOL bulls and bears at the $120 support zone, the $130 zone posed a challenge for the bulls while the $120 area acted as a support level.
Solana bulls face resistance once again
Source: SOL/USDT on TradingView
The 1-day price structure showed a bearish trend. To reverse this, SOL would need to close a daily trading session above $127.87, the local swing high. However, the current indicators did not suggest an imminent bullish move.
Capital outflows continued with the CMF on the daily chart indicating sustained selling pressure. The downtrend, although losing strength, remained dominant over the past ten days.
At the time of writing, the DMI showed a lack of trend, but a move above $130 could change this dynamic. Traders were advised to exercise patience due to the lack of significant demand.
Potential for a bullish reversal?
While the downtrend has slowed down recently, a market structure shift could boost bullish sentiment. Although unlikely at the moment, traders should remain open to this possibility.
Traders’ strategy – Await breakout or breakdown
Source: SOL/USDT on TradingView
Although the downtrend has eased, an uptrend has yet to establish. Traders can utilize the short-term range between $117 and $128 for trading opportunities.
Swing traders should watch for a breakout beyond the established range to capture the next significant price movement.
Key Takeaways
- Solana’s network activity and revenue in 2025 highlight its success as a popular blockchain.
- A bullish reversal for SOL would require a rally in Bitcoin and a shift in market sentiment towards optimism.
Disclaimer: The opinions expressed in this article are not financial advice and are solely the author’s perspective.