Solana (SOL) has captured the crypto spotlight with an impressive rally, significantly boosting its market value and trading volume. Renowned crypto Jelle recently highlighted this surge in a post on the X platform, encouraging investors to prepare for new all-time highs.
In the past 24 hours, the price of Solana has surged by 12.93%, reaching $163.78 from its previous value of $143. This significant increase highlights the altcoin’s upward trend and the growing confidence of investors.
Solana’s market capitalization has experienced a significant increase, reaching $73.47 billion. This growth has solidified Solana’s position as the fifth-largest cryptocurrency by market cap. Furthermore, Solana’s 24-hour trading volume surged by 83.76%, reaching $4 billion. This increase in trading activity reflects the growing interest in Solana among traders and investors.
Data from DefiLlama, a DeFi analytics platform, shows that the Total Value Locked of Solana has been on the rise and it reached $4.505 billion. This milestone is the proof of the increasing trust and usage of Solana blockchain in the DeFi ecosystem.
According to the analysis, if Solana’s price crosses the $170 resistance level, it would signal further bullish activity and maybe even take the cryptocurrency to $180. The continuation of this progress could lead to the Solana reaching the $200 resistance line in a short time.
On the other hand, a trend reversal would lead to Solana’s value dropping back to its $150 level. The seller dominance will be persistent and the price could reach a support zone at $120, which might mean the market is in a bearish phase.
The technical indicators for Solana on the 4-hour chart indicate a possible rise in the price. The Moving Average Convergence Divergence (MACD) indicator displays a bullish crossover. The MACD line goes up over the signal line, which implies a possible positive movement. The histogram’s positive zone shows that the bulls are dominating.
Solana’s recent price rise and increasing market activity are proof that it is a strong player in the cryptocurrency world. Analysts and investors are closely monitoring Solana’s way to new all-time highs, which is promising, with key resistance and support levels determining its short-term performance.
