Solana Hits $264 ATH, Analysts Eye $309 Target Next
- Solanas brkout bov $226.47 hints t potntil upsid, with rsistnc lvls t $271.76 nd $309.70.
- Anlysts highlight strong support lvls for SOL t $244.53, $226.47, nd $209.91 mid momntum.
- Ovrbought conditions my triggr consolidtion bfor SOL trgts th nxt rsistnc t $309.70.
Solanas ntiv tokn, SOL, chivd historic milston on Novmbr 22, hitting n ll-tim high of $264.50. This rmrkbl rlly ws drivn by Bitcoin nring th $100,000 mrk nd th xcitmnt surrounding mmcoins. Ovr th pst month, svrl Solana-bsd tokns xprincd drmtic gins, with som mor thn doubling thir vlu.
Throughout th pst wk, it hs rcordd ovr $6 billion in dily trding ctivity on its dcntrlizd xchngs (DEXs), cpturing significnt 45% shr of th mrkt. This rmrkbl prformnc, combind with Solanas xcptionlly low trnsction fs comprd to Ethrum, BNB Chin, nd Polygon, hs lft nlysts intrigud.
Solana Price Eyes Further Gains
Mrkt obsrvrs r optimistic bout its prospcts, noting coins $121 billion mrkt cpitliztion is still 70% lowr thn Ethrums. Som nlysts bliv Solanas onchin nd drivtivs mtrics point to furthr potntil growth.
Solanas totl vlu lockd (TVL) currntly stnds t $9.36 billion, n imprssiv over 50.48% dvntg ovr BNB Chins $6.22 billion. Bck in lt July, both ntworks shrd similr TVL of $4.5 billion, but Solanas ld hs widnd considrbly sinc thn. For contxt, Ethrums top lyr-2 scling solutions collctivly hold comprbl $9.2 billion in TVL, highlighting its comptitiv position in th DFi spc.
By offring low brrirs to ntry, Solana hs succssfully positiond itslf s usr-frindly ltrntiv. Wllts such s Phntom nd Solflr intgrt smlssly with its lding dcntrlizd pplictions, driving stggring $41.1 billion in wkly DEX trding volum. Additionlly, ovr th pst svn dys, 29.3 million uniqu ctiv ddrsss intrctd with Solana-bsd DApps, significntly outpcing Nrs 9.6 million, opBNBs 7.8 million, nd Bss 4.6 million.
Th ppl of quick profits through mmcoin trding hs lso ttrctd influntil Bitcoin trdrs, including Tylr Durdn. H ddd tht th driving forc bhind Solanas mtoric ris is pumpnomics. Howvr, Durdn cutiond his followrs bout mislding tctics mployd by som influncrs to swy th mrkt.
SOLs Resistance Levels
As of now, SOL is trding t $261.20, up 2.64% in th pst 24 hours. Anlyst Arslan idntifid brkout bov $226.47, signling potntil furthr upsid. Ky rsistnc lvls r t $271.76 nd $309.70, whil support lis t $244.53, $226.47, nd $209.91. A sustind mov bov $271.76 could pv th wy to $309.70; howvr, Arsln cutiond bout possibl consolidtion du to ovrbought conditions. H sttd, Consolidtion is likly bfor trgting $309.70.
With strong momntum nd mrkt intrst, SOL pprs poisd for furthr pric incrss, rinforcing its position s dominnt plyr in th cryptocurrncy lndscp.
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Text source: TronWeekly
