The Solana (SOL) bulls are charging ahead! Over the last 24 hours, SOL has been showing strong momentum, fluctuating between $247.09 and $234.15. While itās currently at $237, a minor pullback isnāt dampening the optimism. š
Why are analysts so bullish on Solana this week? š¤
š Key Indicators are Flashing Green:
Record Open Interest: Solanaās OI soared to $5.45 billion! That means more liquidity and fresh funds pouring in. š„
Surging Trading Volume: At $41.60 billion, Solanaās weekly volume is the highest since 2020. Traders are flocking in! š
All-time High Transaction Fees: $49.64 million in transaction fees last week alone ā a sign of explosive network activity! š„
š® Technical Indicators Point to ATH š® SOL is forming a bullish cup-and-handle pattern on its monthly chart, historically having a 95% success rate! If SOL breaks past the key resistance levels of $260 and $278, we could see a rally towards $360-$400. The bulls are ready to break new records! š
ā” Bullish Pennant Formation: A breakout above $260 could push SOL towards $290-$300! But watch outāsupport at $220 is crucial to keep the bullish trend intact.
š” Analysts are watching closely as Solana follows a similar pattern to its 2021 rally. Could SOL skyrocket towards $780 in the long term? š
Key Levels to Watch:
Resistance: $260, $278
Support: $220
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