SOL Price Today is Trading 2% Down Amid the Broader Crypto Market Selloff

input: SOL price today is trading 2% down amid the broader crypto market selloff, slipping under $170 levels. Following a rejection at $185 resistance

Solana price today is trading 2% down amid the broader crypto market selloff, slipping under $170 levels. Following a rejection at $185 resistance, Solana has corrected nearly 10%, however, on-chain data shows the possibility of a strong upside moving ahead.

Solana Can Rally Further to $350

Market analysts are hopeful that this rally can continue moving ahead all the way to $350, provided the altcoin knocks off key resistances on its path.

“Solana broke out of its 4-month accumulation zone (115-190) and is now preparing to break the critical resistance at 200. If it manages to do so, the next major resistance at 350 will come very early.”

This potential rally is drawing attention from traders, with the surge in engagement activity, including rising demand for Solana meme coins.

Amid today’s crypto market sell-off, top Solana meme coins are also facing selling pressure at the moment.

According to data from Token Terminal, on-chain data shows that the burning activity of Fartcoin has slowed down over the past week, which could be a factor in the meme coin price pullback.

According to data from CoinGlass, SOL futures trading volumes remain steady at $6.5 billion while the 24-hour liquidations have $12 million, of which $11 million is in short liquidation.

Solana Ecosystem Showed Strength in Q1

Messari’s latest “State of Solana” report highlights the blockchain’s continued growth and resilience despite challenging market conditions. The blockchain analytics platform has also mentioned some key areas of improvement, like infrastructure upgrades and decentralized finance (DeFi).

During the first quarter of 2025, the Solana blockchain GDP witnessed a 20% uptick, reaching to $1.2 billion. On the other hand, the total market cap of all stablecoins on the Solana blockchain surged by 145% to $12.5 billion.. Lastly, the Messari report highlights that the average daily DEX volume has jumped by 40.8% to $4.6 billion.

The report underscores Solana’s ability to thrive through innovation and expanding utility, solidifying its position in the blockchain ecosystem.