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Despite fluctuations in the cryptocurrency market, Solana 
$172 (SOL) shows a bullish signal supported by technical analysis. The formation of a symmetrical triangle on the four-hour chart suggests that breaching the $270 level could propel the price to $330. Additionally, Solana-based decentralized exchanges (DEX) have surpassed Ethereum 
$2,523 in monthly trading volume, recording $202.7 billion. In the past 24 hours, $40.6 million worth of SOL has been withdrawn from exchanges, reflecting long-term confidence among traders in this altcoin.
Technical Indicators Support SOL’s Upswing
Current data indicates that SOL is approaching a critical resistance area. The $270 price level represents the upper boundary of the symmetrical triangle. Surpassing this level may indicate that buyers are taking control of the market. The Relative Strength Index (RSI) stands at 54, suggesting a balanced condition where the price is open to both buying and selling pressures.
In the last month, Solana’s trading volume on DEX platforms has tripled compared to Ethereum. The network’s speed and low transaction fees continue to attract users.
This on-chain activity strengthens SOL’s fundamental value. Experts believe that the combination of technical and fundamental factors could trigger a new price record.
Supply Constraints and Long-term Accumulation by Traders
Data from Coinglass reveals a rapid withdrawal of SOL from exchanges. The $40.6 million outflow in the last 24 hours indicates that traders tend to hold onto their assets for the long term. This situation could lead to a supply contraction in the market, potentially pushing prices upward. Additionally, Solana’s growth in the NFT and DeFi ecosystem is driving increased demand.
However, a 32% drop in trading volume signals caution among short-term traders. Under the current market conditions, the $258 level for this altcoin is being monitored as an important support level. Analysts believe that as long as this level holds, the upward trend will continue.
