- Crypto exchange Binance announces the rollout of Solana (SOL/USDT) options for next week.
- The exchange initiated a transaction of 2 million SOL in the last 24 hours.
Binance, the largest centralized crypto exchange by volume, has announced the launch of Solana — SOL/USDT —options on its Options Trading platform, starting from November 12. This announcement comes at a time when SOL is experiencing a surge in investor anticipation of its potential to reach a new all-time high (ATH).
As per the update, SOLUSDT daily and weekly options will go live on the platform next Tuesday at around 8 AM UTC. Notably, these options are MiCA-compliant, European-based contracts, meaning they can only be exercised on the expiration date.
Trading crypto options is equivalent to getting the right, but not the obligation, to buy or sell a specific cryptocurrency at a predetermined price before/on a set expiration date. They provide traders with a way to speculate on price movements in the crypto market.
Meanwhile, as part of its wallet liquidity management, Binance transferred over 2 million SOL — worth over $374.82 million — from its cold wallet to its hot wallet.
Will Solana (SOL) Enroute to Its ATH?
Over the past 24 hours, Solana (SOL) recorded a rally towards its 3-month high of $191.95. However, at present, the rally has cooled down to 0.64%. As per the analysis, the current trend appears to be bullish, as indicated by an emerging positive histogram on the moving average convergence divergence (MACD). But how far is the altcoin from its all-time high?
Solana hit its all-time high (ATH) of $260 on November 6, 2021. The current price is down nearly 27.6% from the ATH. On March 18, 2024, the altcoin reached $210 but failed to set a new high thereafter. On the ATH day in 2021, with 471.57 million SOL in circulation, Solana had a market cap of $87.87 billion. Currently, according to CMC, over 301.21 million SOL are in circulation, with a market cap of $88.5 billion.
In the upcoming days, SOL may face key resistance and support levels based on the cues it picks up. If the SOL price sustains above $171.52 without dipping below it, the altcoin could rise to test resistance levels like $195.85 and $204.50.
On the other hand, if a downward breach occurs, SOL may continue its bearish momentum toward critical support levels at $159.30 and $144.35.
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