TLDR:
- Solana recently hit a historic milestone by breaking above $250, though it has since pulled back to around $230
- Trading volume surged to $11.99 billion with 6.07 million active addresses in 24 hours
- Technical analysis suggests a cup and handle pattern formation pointing to potential $500+ target
- Current market cap stands at $108.5 billion with strong institutional interest
- Immediate support levels are seen at $200, with further support at $178 and $160
Solana has entered a cooling period after reaching a historic milestone above $250, with the price currently settling around $230. This price action comes amid increased trading volume and growing network activity, suggesting sustained market interest despite the recent pullback.
The cryptocurrency achieved a notable weekly close above $250 for the first time in its history, marking a key technical breakthrough. However, profit-taking and broader market movements have led to a natural retracement, with the price finding support above the $230 level.
Trading volume has shown remarkable strength, reaching $11.99 billion in a 24-hour period. This surge in volume coincides with increased network activity, as Solana recorded 6.07 million active addresses and processed 52.71 million transactions within the same timeframe.
SOL Price
The network’s fundamental metrics remain robust, with total value locked (TVL) in decentralized finance applications reaching $9 billion. Stablecoin market capitalization on Solana stands at $4.598 billion, while the network generated $7.16 million in fees and $3.58 million in revenue over 24 hours.
Technical analysis reveals the formation of a cup and handle pattern on the weekly charts, a setup traditionally associated with continuation moves. This pattern suggests potential targets above $500, though such projections should be viewed within the context of market conditions and risk factors.
Current price action shows immediate support at the $200 level, with additional technical support zones at $178 and $160. These levels align with previous areas of buying interest and could serve as bouncing points should the market experience further retracement.
The pullback has coincided with a decrease in Open Interest, which dropped 7.57% to $5.18 billion. This reduction in leveraged positions may help stabilize the market and reduce the risk of cascading liquidations.
Funding rates remain positive, hovering around 0.0130%, indicating sustained optimistic sentiment in the derivatives market. This metric has maintained an upward trend since mid-October, suggesting steady bullish positioning among traders.
Whale activity continues to show strong institutional interest, with inflows of $1.75 million recorded recently. This sustained large-holder activity provides additional support for the market structure.
Price movement has occurred within a defined range, with 24-hour fluctuations between $231.87 and $256.23. The seven-day trading range expanded to $232.43-$263.21, reflecting increased volatility as the market tests new price levels.
The Average Directional Index (ADX) has declined to 41%, suggesting a temporary weakness in the prevailing uptrend. This technical indicator often precedes periods of consolidation or retracement before trend continuation.
Network metrics continue to demonstrate growing adoption, with transaction counts and active addresses reaching new highs. This increased usage supports the fundamental case for price appreciation, though short-term volatility remains a factor.
Market observers note the psychological importance of the $250 level, which previously served as resistance during the 2021 bull market when Solana reached $260. The recent break above this level, despite being temporary, demonstrates evolved market dynamics.
The crypto asset’s market capitalization stands at $108.5 billion, placing it firmly among the top cryptocurrencies by value. This valuation reflects growing market acceptance and institutional adoption of the Solana network.
Current data shows a price of $231.93, representing an 8.99% decline over 24 hours and a 4.80% decrease over the past week. These movements align with normal market behavior following tests of new price levels.
