Solana is back in the spotlight in the crypto markets as recent updates suggest growing interest and potential for another price upswing. The blockchain project has been riding a wave of bullish momentum with whale activity, along with key resistance zones dictating the near-term future of SOL.
At press time, Solana is trading at $238.96, with a $11.39 billion 24-hour trade volume and $129.98 billion market capitalization. The SOL has recorded a modest 1.16% increase over the last 24 hours, reflecting firm buy interest notwithstanding recent volatility.
According to an update shared by SolanaNews.sol, one major whale dominated the spotlight after depositing $32.4 million USDC into Binance and withdrawing 134,628 SOL worth $31.8 million thereafter. Transactions of such nature usually cause speculation in the markets because large sums are normally a precursor of potential position taking before large-scale movements.
Meanwhile, popular crypto analyst BitGuru noted that Solana recently recorded what he called a “bullish beauty,” surging as high as $249.60 after piercing a major resistance barrier. The surge was quite spectacular in nature, even though the price is down somewhat again and is currently trading around the $239 level.
Market analysts are actively watching the support region around $239. In case the buyers can hold ground at that point, SOL may try launching another rally, and the $250+ region may come into the picture in the subsequent sessions. Or else, a breakdown from the support may spark near-term pressure until the next recovery attempt.
With large-scale whale activity, firm demand, and an established fight on key price levels, SOL is one of the most observed altcoins in today’s market situation.
Also Read | Solana Breaks Key Barriers, Could Explode Toward $457.97
The RSI is at 65.76, close to the overbought area, and there is tremendous buying pressure. Solana is also in positive territory with respect to the MA Ribbon, with the support levels at 179.07, 180.24, and 153.97, holding the uptrend. It is a signal that the buyers are firmly in control as long as the price is above these averages.
On the MACD chart, the blue line is at 15.98 and the signal line is at 7.46, reiterating a very bullish crossover. The histogram is also showing very strong green bars, meaning that it is gaining more and more momentum. Solana might attempt to touch higher resistance levels after that.
Also Read | Solana And Litecoin Predictions Show Limits, Pepeto Presale Gains 100x Buzz Today
Also read: Bitcoin Exchange Supply Ratio Drops After Fed Cut, Eyeing $120,000
