Solana (SOL) Set for 25% Rally, Breakout Imminent?

Share This Post

solana-pchain

The post Solana (SOL) Set for 25% Rally, Breakout Imminent? appeared first on Coinpedia Fintech News

In the recent market uncertainty, SOL, the native token of the Solana blockchain, seems to be getting stronger and is poised to make a new all-time high, as it has formed a bullish price action pattern on its four-hour time frame. While examining its current outlook, traders and investors have shown strong strength and confidence in the asset.

Solana (SOL) Technical Analysis and Upcoming Levels

According to CoinPedia’s technical analysis, SOL has formed a symmetrical triangle price action pattern and has reached a zone that suggests a potential breakout. Based on the recent price action, if SOL breaches the pattern and closes a four-hour candle above the $270 level, there is a strong possibility it could soar by 25% to reach the $330 level in the coming days.

Source: Trading View

The Relative Strength Index (RSI) at 54 indicates that SOL has the potential to breach this pattern and could soar significantly.

Solana’s DEXs Record Volume

Besides this bullish price action, the volume generated by Decentralized Exchanges (DEXs) is indicating that Solana is getting stronger day by day. Recently, an on-chain analytics firm, DeFiLlama, revealed that SOL-based DEXs recorded a significant $202.7 billion in total volume, surpassing Ethereum, which recorded only $63.21 billion in the past month.

Source: DeFillama

Looking at this, it appears that SOL-based DEXs are getting more attention than other DEX tools based on different blockchains.

$40 Million SOL Outflow

With this strong development and record adoption, long-term holders have been accumulating the token, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow revealed that exchanges have witnessed a significant outflow of SOL worth $40.60 million in the past 24 hours.

Source: Coinglass

This substantial outflow from the exchanges indicates the potential accumulation by long-term holders and could create buying pressure, leading to further upside momentum.

SOL is currently trading near $258 and has experienced a modest price decline of 0.50% in the past 24 hours. During the same period, its trading volume dropped by 32%, indicating lower participation from traders compared to the previous day.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Crypto News: Bank of Korea Rejects Bitcoin for Foreign Exchange Reserves

The post Crypto News: Bank of Korea Rejects Bitcoin for Foreign Exchange Reserves appeared first on Coinpedia Fintech News The Bank of Korea (BOK) has firmly stated that it has “never

Coinbase’s Government Network Expands—145 US and 29 Global Entities Onboard

Coinbase is deepening ties with 145 US government entities as the nation accelerates bitcoin adoption, signaling unprecedented institutional demand and a seismic shift in crypto policy Coinbase

Ripple News Today: XRP Proposal Aims to Unlock $1.5 Trillion for Bitcoin Reserves

The post Ripple News Today: XRP Proposal Aims to Unlock $15 Trillion for Bitcoin Reserves appeared first on Coinpedia Fintech News After a long legal tug-of-war under Biden’s leadership, Ripple is

Peter Schiff: Bitcoin Could Crash Below $65K if Nasdaq Enters a Bear Market

Bitcoin faces a steep decline if the Nasdaq downturn deepens, warns Peter Schiff, predicting a wave of panic selling that could shake investor confidence and destabilize markets Peter Schiff Predicts

SEC vs Ripple: How Lawsuit Over XRP Could Wrap up in Days

A legal expert has outlined how the SEC’s lawsuit against Ripple over XRP could end within days, but a major hurdle—navigating the court’s injunction—may complicate the

Is The Bitcoin Cycle Peak In? Historical Halving Data Suggests Upside Potential Into Late 2025

Bitcoin is now down over 29% from its all-time high (ATH) in January, and speculation about a coming bear market is growing among investors After weeks of heavy selling pressure, Bitcoin has entered