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COINTURK NEWS > Solana (SOL) > Solana Signals Potential Price Surge as Trading Activity Soars
Solana (SOL)

Solana Signals Potential Price Surge as Trading Activity Soars

In Brief

  • Solana shows bullish signals supported by strong technical indicators.

  • Increased trading volume on DEX reflects confidence in SOL among traders.

  • Supply constraints may lead to upward pressure on SOL prices.

İlayda Peker
İlayda Peker 4 months ago
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Despite fluctuations in the cryptocurrency market, Solana $171 (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 $2,558 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 In the past 24 hours, $40.6 million worth of SOL has been withdrawn from exchanges, reflecting long-term confidence among traders in this altcoin.

Contents
Technical Indicators Support SOL’s UpswingSupply Constraints and Long-term Accumulation by Traders

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.

Solana SOL Price Analysis

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.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 26 January, 2025 - 2:05 pm 26 January, 2025 - 2:05 pm
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