- Solana closed above the $250 resistance, signaling a potential breakout toward $300.
- Solana saw record activity, with 6.07M active addresses and $11.99B trading volume in 24 hours.
As a seasoned crypto analyst with over a decade of experience in the digital asset market, I have witnessed my fair share of bull and bear cycles. The recent movement by Solana (SOL) has caught my attention, as it’s broken above the $250 resistance level for the first time since late 2021. This is undoubtedly a significant development in SOL’s price action.
On a significant milestone, Solana (SOL) surpassed the $250 resistance barrier on its weekly chart for the very first time, marking a noteworthy achievement.
As per the analysis by cryptocurrency expert Rekt Capital, this signifies a significant turning point in the currency’s price trend.
Historically, the $250 mark has served as a significant barrier for Solana’s price growth. In late 2021, during its peak, it attempted to break through this resistance at $260, but instead, a long-lasting bear market followed.
As an analyst, I’m observing the market trends here, and if the current resistance level at $250 indeed transforms into a strong support level for Solana, it might suggest that we’re on the verge of a potential price discovery phase. This means that the price could start to explore new heights, possibly reaching unprecedented levels for Solana.
Experts suggest possible price levels around $300 (seen as a psychological marker) and between $350 to $400, these figures derived from Fibonacci extensions and past market trends.
If Solana falls below $250, it could potentially return to previous support levels at $202.82 or possibly drop as low as $135.97. However, given the present bullish trend, a significant decline to $135.97 seems less likely.
Price, trading volume trends
Currently, Solana is being exchanged for approximately $231.93 per unit, representing a drop of 8.99% within the last day and 4.80% over the course of the previous seven days.
Over the past day, the price has moved between $231.87 and $256.23, while over the last week it’s ranged from $232.43 at its lowest to $263.21 at its highest.
Over the past 24 hours, Solana’s trading volume has experienced a significant jump of approximately 26%, reaching an impressive figure of $11.99 billion, as per data from Coinglass. This notable increase suggests robust trading engagement, even amidst a recent market retreat.
The amount of active derivative contracts currently in play, referred to as Open Interest, has dropped by about 7.57%, landing at roughly $5.18 billion. This decrease suggests a lessening of leveraged positions following the period of market volatility.
Funding Rates reflect optimism
At the current moment, the OI-adjusted Funding Rate for Solana continues to be positive and has been climbing steadily since mid-October. This figure stands at 0.0130%, indicating a reasonable and persistent level of enthusiasm within the derivatives sector.
During the early and mid-November period, a surge in Financing Costs coincided with heavily leveraged long trades, suggesting a positive outlook or “bullish” attitude among traders during significant market uptrends.
On-chain metrics indicate growing activity
According to DefiLlama’s data, the amount of money locked in Solana’s decentralized finance sector stands at approximately $9 billion, representing a decrease of 3.29% within the last day.
The value of its stablecoin market stood at approximately 4.598 billion U.S. dollars, during this timeframe it also produced 7.16 million dollars in transaction fees and generated around 3.58 million dollars in income.
Read Solana’s [SOL] Price Prediction 2024–2025
In the last day, there were approximately 6.07 million active addresses within Solana’s network, which facilitated a total of about 52.71 million transactions. This level of activity demonstrates the continuous vitality of the Solana ecosystem.
The ongoing whale transactions worth approximately $1.75 million indicate that there remains high engagement with the network, even as it experiences temporary adjustments in its value.
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2024-11-27 06:16