Solana is gaining a stronger position in the cryptocurrency market with its recent rapid adoption rate and huge bursts in trading volume. This could be a sign of a major bull trend in the coming period.
With a monthly decentralized exchange (DEX) volume of $100 billion and a year-to-date total trading volume of $11 billion, Solana’s growth chart is becoming increasingly clear.
“Solana continues to lead the technology space and strengthens investor confidence as the network develops,” emphasizes an assessment from COINOTAG.
Solana is seeing unprecedented growth in adoption rate and transaction volume, suggesting that the cryptocurrency is likely to experience strong bullish momentum in the coming weeks.
Despite the recent price correction, SOL’s price action continues to gain strength following a strong rally earlier this month. The Bollinger Bands (BB) suggest that the price has pulled back from the overbought region.
The upper Bollinger Band is at $267.68, while the middle band at $225.11 provides critical support. Also, the RSI is at 71.67, suggesting that Solana has entered a consolidation phase near the overbought territory and could enter a brief cooling period.
If SOL fails to hold above the $225 level, there is a risk of a deeper pullback to $182.53. However, if it can defend the $225 support, the price could gain fresh upward momentum to test the $267 level.
Therefore, the $225 support level is critical for future price action.
In addition to its market performance, Solana continues its continuous development efforts. As of November 24, development activity stands at 20.81, a figure that is slightly lower than previous months but demonstrates Solana’s commitment to growing its ecosystem. This consistent progress provides a solid foundation for long-term adoption and price stability.
Solana’s liquidation data adds to the market optimism. On November 25, $10.47 million worth of long positions were liquidated, while only $1.17 million worth of short positions were closed, indicating a strong bullish sentiment among traders.
This liquidation data reveals that Solana is highly anticipated to move higher with great confidence among market participants and return to its previous highs.
Solana’s impressive adoption rate, transaction volume growth, and strong market fundamentals suggest that the network is well-positioned for further growth. If SOL can hold the $225 support level, a retest of $267 and higher is possible. However, if this level is temporarily held, a minor correction is possible. The current market sentiment and solid fundamentals suggest that the price will continue to rise in the coming weeks.