Solana [SOL] is growing steadily, can it hit $400?

In the past 24 hours, the price of Solana (SOL) rose by 2.01% and stabilized above the $230 support level, echoing the market enthusiasm of Bitcoin hitting the historical high of $99,000. At the same time, its trading volume surged by 9.41% to $7.31 billion, injecting more vitality into the market. However, whether Solana can achieve the $400 target by the end of the year remains an unresolved hot topic.

Whales add positions and pledge actions

Blockchain analysis platform Lookonchain revealed that a giant whale purchased 100,000 SOL in two days, with a total value of up to $23.86 million, and quickly completed the pledge operation. This huge investor currently holds a total of 231,919 SOL, with a market value of approximately $55.58 million.

The whale's actions show that they are confident in Solana's long-term growth potential. This staking not only brings rich returns, but also demonstrates Solana's competitiveness in attracting large amounts of capital.

Stablecoin inflows hit a new high

In the past 24 hours, Solana's stablecoin inflows reached $310 million, setting a record, bringing its total stablecoin market value to $4.481 billion. In the past week, inflows increased by 15.67%, of which USDC accounted for 72.07% of the market share.

This phenomenon reflects investors' growing trust in the Solana network, especially with the support of its efficient and low-cost ecosystem. Large-scale capital inflows also provide Solana with stronger market liquidity and development momentum.

DEX trading volume far exceeds Ethereum

Solana has surpassed Ethereum in decentralized exchange (DEX) trading volume for three consecutive days, with trading volume increasing by nearly 300%. The high-speed and low-cost network characteristics have enabled Solana's dominance in the DeFi field to continue to increase, and have further attracted more users and developers to join its ecosystem.

This excellent performance not only highlights Solana's technical advantages, but also gives it a more solid position in the competition in the DeFi market.

Price Trends and Technical Analysis

Currently, SOL is trading at $242.79, with a key support level of $234 and a major resistance level of $250. The price recently broke out of the consolidation range and rose by more than 10%. If it breaks through the $250 resistance, the next target will be $270.

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