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- 1 Whales have been consistently increasing their portfolio with Solana since February start of 2024.
- 2 The social dominance indicator displays that SOL is popular and it is getting better.
The Solana crypto noted a significant and continuous rise in the volume inflow in the last few weeks along with the price rise. The average volume has risen from $1 Billion in the last week of February 2024 to the current volume inflow of nearly $6.61 billion volume.
Whales Activity In Correspondence With Solana Price Analysis
Similarly, the chart displays the activity of whales in the SOL crypto alongside the price movement in the same period. Whales have been consistently increasing their portfolio with Solana since February start of 2024. This could be a sign of whale accumulation in the crypto asset.
Solana Price In Comparison To Social Dominance Analysis
Moreover, the social dominance indicator displays a positive trajectory after a fall in social dominance in social activity; there is also an uptick in Twitter(X) chatter and its active users. These metrics confirm that SOL is popular and popularity is increasing as per the metrics on the chart.
Moreover, the number of X (formerly Twitter) followers is surging. Overall, there is a clear rise in social dominance alongside its price.
Solana Price Structure Evaluation Over The Daily Chart
The price of Solana crypto has shown a spectacular turnaround, beating its previous high level, starting from a major support level of around $81.0. The SOL has already gone past its previous high price mark of $121.0 and has bashed the above resistance level reaching new price peaks.
At the time of publishing, the crypto had inclined by 4.17% in the last 24 hours and was trading at $170.91 at press time. Therefore, if the demand for Solana expands unexpectedly more on the upside, the asset price could resume to jump from the current level. Then the next goal for the price could be to reach $200.0 while the resistance would be at $185.
It further demonstrates a great price rise possibility to new peak levels. As price structure exhibits good inclination from the current resistance turned support level of $121.0.
On observing the price chart data over the daily chart, the Solana asset is showing bullish signs and the price structure exemplifies the capacity over the daily chart that it has the potential to extend further. It has achieved well in the past week, month, and quarter with a 29.14%, 51.32%, and 123.39% surge respectively, implying a solid uptrend. Moreover, the SOL crypto asset is revealing bullish potency and rising capability as it maintains above major 20 and 50-Day EMA bands.
However, if the Solana crypto price fails to stay above $160.0, it could decline further and reach $140.0 as well.
Summary
The Solana crypto noted a steady rise in the volume inflow in the last few weeks along with the price. Similarly, whales have been consistently expanding their portfolio and the price surge could continue.
Moreover, social dominance displays a positive trajectory after a fall in social dominance in social activity. On observing the daily chart, the Solana asset is showing bullish signs and the price structure presents the capacity that it has the potential to extend further.
Therefore, if the demand for Solana increases unexpectedly more on the upside, the asset price could continue to jump from the current level. Then the next goal for the price could be to reach $200.0 while the resistance would be at $185.
Technical Levels
Support Levels: $160
Resistance Levels: $185
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
