Solana (SOL) moved between $247.09 and $234.15 in the last 24 hours. Currently trading at $237, Solana has shown a 1.08% decline from this resistance level. However, experts think that there may be a positive break in the short term.
Technical Indicators Point to New Peaks
Solana’s price action is supported by strong on-chain data. Coinglass data shows that Solana’s Open Interest (OI) amount reached $5.45 billion. This indicates an increase in new investments and a strengthening of liquidity. Additionally, Solana’s weekly trading volume rose to the highest level since 2020 at $41.60 billion, according to DefiLlama data. This increase compared to last week’s volume of $18.14 billion demonstrates increased trust in the Solana ecosystem.
Another prominent element in technical analysis is the bullish pennant formation. This formation indicates consolidation following a strong price movement. Analysts predict that Solana could rise to $400 if the resistance at $260 is overcome. “Once Solana surpasses its previous peak, a new rally may be inevitable,” says analyst Titan of Crypto.
Analysts Focused on Critical Levels
Market experts are closely monitoring Solana’s price movements. A break of the $260 level could trigger a new uptrend. However, a price break below $212 poses a risk of a larger correction. Crypto Online analysts state that Solana moves in a five-wave cycle. According to this analysis, the cryptocurrency has the potential to reach the $360 level.
As a result, Solana’s strong technical indicators and increased market interest make it more likely that it will attempt a new record this week. If the resistance levels are breached, Solana is expected to resume the uptrend in the short term. Market participants are monitoring critical levels to determine Solana’s future movements.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
