- At the time of writing, SOL is trading at $60.73, up 1.59% in the last 24 hours.
- If the price manages to go above $63.4 level, then it will likely retest the $68 level.
Solana’s SOL witnessed a price surge to about $68, the highest level since May 2022, despite market volatility. However, it faced severe resistance at this level. Moreover, Santiment reports that investor optimism for SOL has reached great heights since the price increase.
Some experts, like Twitter user Ali, have cautioned that the fear of missing out (FOMO) on Solana isn’t always a good indicator, as it might indicate that investors are joining the SOL ecosystem recklessly and without doing their homework, often followed by a significant correction.
According to the most recent numbers from DefiLlama, Solana’s DEX trading volume increased at an unprecedented 54% in only seven days. The 24-hour trade volume on Solana’s DEX platforms hit $3.01 billion, surpassing that of the prominent BSC Chain.
Solana’s fast, low-cost blockchain is becoming more popular with yield-seeking investors, as seen by the exponential increase in Solana DEX volumes.
Breakout Likely
Moreover, Solana’s increase in November was impressive, especially when compared to the market’s other major cryptocurrencies. The SOL token price has increased by an incredible 378% in the last one year and a growth of 123% in the last 30 days.
At the time of writing, SOL is trading at $60.73, up 1.59% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 20.46%. The price recently found support at $54.8 level after failing to clear above $68 mark. The price has been consolidating at the time of writing, eyeing for a clear breakout.
If the price manages to go above $63.4 level, then it will likely retest the $68 level. Contrarily, if the bears drive the price below $54.8 support level, then price will likely test $51.9 level.
