Solana 
$239 (SOL) has fluctuated between $247.09 and $234.15 in the last 24 hours, currently trading at $237. This represents a 1.08% decline from its resistance level. However, experts believe that a positive breakout may occur in the short term.
Technical Indicators Signal New Heights
The price movements of Solana are supported by strong on-chain data. Coinglass data indicates that Solana’s Open Interest (OI) has reached $5.45 billion, reflecting an increase in new investments and strengthened liquidity. Furthermore, according to DefiLlama, Solana’s weekly trading volume has surged to $41.60 billion, the highest level since 2020. This increase compared to last week’s volume of $18.14 billion demonstrates growing confidence in the Solana ecosystem.
Another significant aspect in technical analysis is the bullish pennant formation. This pattern indicates consolidation following a strong price movement. Analysts predict that if the resistance at $260 is surpassed, Solana could climb to $400. “Once Solana surpasses its previous peak, a new rally will be inevitable,” says analyst Titan of Crypto.
Market Experts Focused on Critical Levels
Market experts are closely monitoring Solana’s price movements. Breaking the $260 level could trigger a new upward trend. However, a price drop below $212 poses a risk of a larger correction. Crypto Online analysts note that Solana is operating within a five-wave cycle, suggesting a potential to reach the $360 level.
In conclusion, Solana’s strong technical indicators and increasing market interest raise the likelihood of a new record attempt this week. If resistance levels are overcome, Solana is expected to maintain an upward trend in the short term. Market participants are watching critical levels to determine Solana’s future movements.
