Solana has surpassed the 180 USD mark with a daily increase of 3.5%, along with an 11% increase in trading volume.
Traders have built up 362 million USD in long positions near 171.8 USD, indicating confidence that SOL will maintain this key support level.
Solana [SOL] has made a strong recovery this week, surpassing a key resistance level and attracting strong participation from traders and investors.
This impressive performance has attracted significant attention, as a large amount of SOL has been transferred into wallet addresses.
Retail investor participation in SOL has surged
According to data from Glassnode, the number of addresses holding at least 0.1 SOL has increased to 11.04 million.
Source: X (Formerly Twitter)
This reflects an increase in confidence among retail investors and long-term holders, which is a positive sign in the long run.
The number of wallets surged as the price of SOL held in a narrow range above 150 USD, after breaking a prolonged downtrend.
Currently, SOL is trading near 180 USD, up 3.5% in the last 24 hours.
During the same period, the participation of traders and investors surged, leading to an 11% increase in trading volume.
This increase, along with rising prices, indicates strong momentum and reflects current market demand.
Solana's price movements and the next levels
According to technical analysis from TinTucBitcoin, SOL currently appears to be in a sustainable upward trend.
On the daily chart, this altcoin has surpassed a significant resistance level at 180 USD after accumulating through 4 trading days.
Source: TradingView
Based on recent price movements and historical models, this threshold has opened up the opportunity for an additional 40% price increase, allowing SOL to potentially reach 270 USD.
Bullish sentiment for Solana will only be maintained if the price of SOL holds above 179 USD; otherwise, it will be prone to failure.
At the time of reporting, the Relative Strength Index (RSI) of SOL was 72, indicating that the asset is in an overbought condition and may correct before continuing to rise.
An outflow of 13 million USD indicates an accumulation phase
Based on the current market sentiment, traders and investors are heavily betting on bullish momentum and seem to be accumulating this token, according to data from CoinGlass.
Data from Inflow/Outflow indicates that exchanges have seen 13 million USD worth of SOL leave the platform in the last 24 hours.
The outflow of funds after breaking through resistance suggests accumulation potential and could create buying pressure, leading to further increases.
Source: CoinGlass
The liquidation map of SOL shows high leverage, concentrated in the range of 171.8–186.5 USD.
Interestingly, traders have built up 362.41 million USD in long positions near the support level of 171.8 USD and 222.77 million USD in short positions near the resistance level.
Source: CoinGlass
This data shows that the bulls are dominating and believe that the price of SOL is unlikely to drop below 171.8 USD in the near future.
Source: https://tintucbitcoin.com/vi-solana-vuot-11-trieu-dong-luc-day-sol-toi-270-usd/
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