Solana Is Exploding: SOL Price Nears $200 All Time Highs?
These are signs that the Solana price has risen to the mark of $200 due to strong fundamentals and market excitement.
According to CoinGlass, open interest in cryptocurrencies hit $3.25 billion on Monday, its highest level since April 1st.
Solana and Bitcoin gained significant market demand as a result of this rally which could push up prices.
Bitcoin had record open interest the same day when Trump and Kennedy endorsed it. Solana’s ecosystem fees rose to $2.13 million in 24 hours, indicating strong fundamentals.
Because of Jito, Marinade and Kamino networks encountering huge demand active addresses have surged to roughly 1.22m.
Solana trades at $189.14 on a daily turnover of
$2,869,750,358. This is an increase of 2.18% from where it stood yesterday at this time period for the coin with a total market capitalization approximating 87.833 billion USD or around 464.71 million SOL coins.
Upside Observations: The Next Resistance Levels Are Located at $19386 ($3.578 billions traded), Then at $19880 ($4 !B volumes) Before Reaching Above Resistance Level May Be Found At The Pivot Point Of Today Which Is Of About $18755
Technically speaking about Solana shows improvement in its initial stages with RSI currently holding above half (56.90) signifying a neutral bias but further towards upside momentum is more evident.
At $183.77, the 50-day Exponential Moving Average (EMA) suggests upward support.
This ascending channel supports Solana at about $187.50 with 50-Day EMA and RSI signalling a bullish trend.
Traders should be optimistic over $187.55 and cautious below.
Solana’s technical outlook above $187.55 is optimistic as it has substantial trading volumes and good market sentiment. The uptrend will continue if major resistance levels are broken down.
