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Home»Altcoins»Will SOL skyrocket from key support?
Altcoins

Will SOL skyrocket from key support?

2024-12-24No Comments3 Mins Read
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  • TD Sequential issues a rare buy signal, positioning Solana for a potential breakout towards resistance at $250.
  • Solana’s TVL grows to $8.312 billion as strong fundamentals and bullish derivative metrics drive market excitement.

Solana [SOL] has recovered from the recent correction and is trading at $190.04 at the time of writing, close to a critical support zone.

The crypto has seen a price increase of 4.91% in the past 24 hours, despite a decline of 11.43% in the past seven days.

The 24-hour range of $180.35 to $192.86 reflects a consolidation phase, while the seven-day low of $176.72 indicates strong support near the lower Bollinger Band.

Analysts predict a recovery based on technical indicators

The TD Sequential indicator has given a buy signal on the daily chart, increasing expectations for a price recovery. Crypto analyst Ali (@ali_charts) noted,

“This signal often foreshadows strong bullish momentum, indicating an opportunity for long positions at these levels.”

Source:

According to the daily chart, the Bollinger Bands suggest oversold conditions, with the SOL trading around the lower limit at $176.52. Resistance is at $213.88, which corresponds to the centerline of the Bollinger Bands, and $251.24, the upper limit.

A breakout above these levels could further fuel momentum, although a decline below $186 could lead to a decline towards $165, a historically key demand area.

The Average Directional Index (ADX) currently stands at 33.39, confirming the strength of the ongoing trend. While the recent bearish momentum continues, the ADX level indicates that any breakout above resistance could trigger a strong upward move.

On the other hand, traders are closely watching $186 as an immediate support level.

See also  Can optimism remain above the $1.46 support?

Source: Trading view

Strong fundamentals support Solana’s growth

Solana’s network fundamentals remain robust, with a Total Value Locked (TVL) of $8.312 billion, reflecting a 1.83% increase over the past 24 hours.

The network too included The stablecoin market cap reached $4.972 billion and generated $3.08 million in fees and $1.54 million in revenue within 24 hours.

Activity on Solana’s decentralized exchange protocols continues to rise. Solana performed better Ethereum (ETH) and other competitors in December, with trading volume exceeding $97 billion compared to Ethereum’s $74 billion.

The platform’s number of active addresses stands at 4.16 million, with 70.34 million transactions processed in the last 24 hours.

Derivatives market signals growing interest

Recent data from Mint glass shows mixed signals in the derivatives market. Open interest rose 8.85% to $4.68 billion, while options volume rose 301% to $10.1 million, reflecting increased speculative activity.

The Binance long/short ratio for top traders is very bullish at 5.07, indicating that most traders expect upward momentum.

Source: Coinglass

Despite the optimism, trading volume fell 6.81% to $9.24 billion, suggesting the market is cautious.


Realistic or not, here is SOL’s market cap in terms of BTC


Liquidation data shows a balanced push, with $4.89 million in long liquidations and $4.52 million in shorts, indicating a tug-of-war between bulls and bears.

Solana’s technical setup, combined with strong network activity, suggests recovery potential if key resistance levels are broken.

Next: Litecoin’s active address increase: what this means for price development

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Key skyrocket SOL Support
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