- Solana (SOL) rose 7.02% to $222.02, reflecting a broader market rally.
- DEX volume set a new record, surpassing $5 billion.
The global crypto market cap has surged to $3.01 trillion, reflecting a 4.04% daily increase. Total market volume stands at $302.64 billion, up 2.70%. Bitcoin (BTC) recently achieved a new all-time high of $93,434, and Ethereum (ETH) rallied past $3,300. Additionally, Solana’s decentralized exchange (DEX) trading volume has surpassed $5 billion daily for three consecutive days, a record milestone.
Solana (SOL) is trading at $222.02, up 7.02% in the past 24 hours. Its trading volume has reached $11.05 billion, marking a 3.85% increase, while its market cap is now $104.79 billion with a market cap ratio of 10.53%. This rise comes amid broader crypto market gains.
whale activity indicates increased interest in the Solana ecosystem. A prominent whale recently spent a total of 12,400 SOL ($2.7 million) to acquire two tokens: WIF and BONK. Specifically, the whale purchased 406,000 WIF at $3.87 per token, spending 7,200 SOL (equivalent to $1.57 million).
The whale also bought 29.32 billion BONK tokens at $0.0000387, investing an additional 5,200 SOL ($1.13 million). Such large transactions reflect confidence in the Solana ecosystem and signal potential growth in token demand, especially for projects related to Solana.
Is Solana’s Uptrend Set to Persist?
Solana shows notable resistance at $228, with key support around $215. If SOL can break above the $228 resistance, it could signal a move toward the $240 level, inviting more buying interest. However, a drop below the $215 support could indicate potential downside pressure, with a possible decline toward the $200 mark.
The Relative Strength Index (RSI) for Solana is currently at 56.35, while the average RSI stands at 61.87. This RSI reading suggests a neutral trend, indicating that buying and selling pressures are balanced. Since the RSI is neither in overbought nor oversold territory, it implies that Solana might sustain its current levels unless influenced by significant market changes. This stability in RSI is a sign of potential price consolidation before any decisive breakout or breakdown.
Moving averages add further insight into Solana’s price movement. The 50-day moving average is currently positioned above the 200-day moving average, forming a bullish crossover that supports the ongoing upward trend. This crossover suggests long-term bullish momentum, with buyers showing sustained interest in Solana.
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