Solana (SOL) continues to show steady resilience, trading near $240. Technical analysts indicate that the SOL is in an accumulation zone, and the $230–$240 region is transitioning into a significant purchase area.
Solana (SOL) is now priced at approximately $239.60, registering a marginal 0.28% growth over the past 24 hours. It continues to maintain a 24-hour trade volume of $9.28 billion, and its market cap stands at $130.41 billion, allowing it to grab a 3.22% market share of the broader cryptocurrency universe.
According to insights shared by analyst CryptoPulse, Solana appears to be moving deeper into its accumulation, with technical signals drawing attention to vital structural zones. There is active vigilance of volume evolutions and price levels, and these have been favouring entry opportunities.
The price of $230 emerged as a strong support level. Thus, the area of $230–$240 is a strong area of potential accumulation. Experts note, this level can act as a buffer at volatile market stages, allowing long-term investors to prepare for future growth.
Furthermore, Fibonacci levels indicate potential places where liquidations might take place, thus implying brief volatility in the market. CryptoPulse proceeded further by pointing out the aspect of the market fluctuations being predictable, but Solana’s current structure does lean towards positive caution.
All eyes continue to be on Solana’s $230 support level, and holding this level might create space for additional gains in the weeks ahead.
Also Read | Solana Gains Attention as Support Holds Strong Toward $250
Solana’s futures market presents conflicting signals. Open interest rose mildly by 0.61%, reaching $16.88 billion, showing active holding of positions by investors even after recent volatility in the market. Trading volume crashed severely by 46.84% to $10.76 billion, showing waning short-term activity and a possible cool-off phase in speculative trade.
OI-weighted value amounts to 0.0020%, and it represents a neutral sentiment from the derivatives segment. This indicates that investors are not aggressively bullish or bearish, but are still showing a steady interest. These circumstances are at times signaling the market to be in the middle of a consolidation stage, where the market waits for a stronger directional move before the next big price shift.
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