Despite the fluctuations in the cryptocurrency market solana (SOL) gives a bullish signal supported by technical analysis. The symmetrical triangle formation on the four-hour chart shows that the price may reach $330 if the $270 level is exceeded. Ethereum with $202.7 billion monthly trading volume on Solana-based exchanges (DEX) $3,304.1It left behind (ETH). In the last 24 hours, SOL worth $40.6 million was withdrawn from the stock exchanges. All these data are available to investors altcoinIt reflects long-term confidence in .
Technical Indicators Support Uptrend in SOL Coin
According to current data SOL coinhas approached a critical resistance zone. The $270 level represents the upper limit of the symmetrical triangle. Breaking this level could mean buyers are taking control. Relative Strength Index (RSI) offers a balanced outlook at 54. This shows that the price is open to both buying and selling pressure.
In the last month, Solana’s transaction volume on DEXs has reached three times that of Ethereum. The speed and low transaction fees of the network continue to attract users.
This activity within the chain reinforces SOL’s core value. Analysts say a combination of technical and fundamental factors could trigger a new record.
Supply Constraint and Investors’ Long-Term Accumulation
Coinglass data LEFTIt was revealed that ‘s rapid withdrawal from the stock exchanges. The $40.6 million SOL outflow recorded in the last 24 hours shows that investors tend to hold the asset for the long term. This may cause a supply contraction in the market and force the price upwards. Additionally, growth in Solana’s NFT and DeFi ecosystem is driving demand.
However, the 32 percent decrease in transaction volume indicates that short-term investors are being cautious. In current market conditions, the $258 level is viewed as an important support for the altcoin. Analysts are of the opinion that the rise will continue if this level is maintained.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
