Breaking above the $250 resistance level on the weekly chart is a significant milestone for Solana [SOL], marking a momentous event in the coin’s price trajectory, as highlighted by crypto analyst Rekt Capital. This level has historically acted as a crucial barrier, previously tested during Solana’s peak in late 2021 when it hit $260 before entering a prolonged bearish phase.
If the breakout above $250 is confirmed and this level transforms into a strong support zone, Solana may embark on a journey of price discovery. Analysts are eyeing potential price targets of $300 as a psychological threshold, and $350–$400 based on Fibonacci extensions and previous price patterns.
Nevertheless, a failure to maintain support at $250 could lead to a retest of lower support levels at $202.82 or a possible retreat to $135.97, although the current bullish momentum reduces the likelihood of the latter scenario.
Price and Trading Volume Trends
Currently, Solana is trading at $231.93, reflecting a decline of 8.99% over the last 24 hours and 4.80% over the past week. The price has fluctuated between $231.87 and $256.23 in the last day, with a seven-day range of $232.43 to $263.21.
The 24-hour trading volume for Solana has surged by 25.94%, reaching $11.99 billion per Coinglass data, indicating robust trading activity despite the recent pullback. Meanwhile, the Open Interest, which gauges the value of active derivative contracts, has decreased by 7.57% to $5.18 billion, signaling a reduction in leveraged positions following the price volatility.
Funding Rates Signal Positivity
The Open Interest (OI)-Weighted Funding Rate for Solana remains in positive territory, standing at 0.0130% at present and showing an upward trend since mid-October. This suggests moderate yet sustained optimism within the derivatives market. Notably, spikes in Funding Rates during early and mid-November aligned with increased leveraged long positions, indicating bullish sentiment during significant price upticks.
On-chain Metrics Highlight Increased Activity
On-chain data from DefiLlama reveals that Solana’s total value locked (TVL) in decentralized finance stands at $9 billion, showing a 3.29% decline over the past 24 hours. The stablecoin market capitalization is reported at $4.598 billion, with the network generating $7.16 million in fees and $3.58 million in revenue during the same period.
Solana’s ecosystem remains vibrant, with 6.07 million active addresses recorded in the last 24 hours, supporting a total of 52.71 million transactions. Noteworthy whale activity and inflows totaling $1.75 million indicate sustained interest in the network despite short-term price corrections.