Solana [SOL] has managed to maintain the $230 support level, achieving a 2.01% increase in the last 24 hours amidst heightened volatility triggered by Bitcoin reaching a new peak of $99,000.
During this period, the 24-hour trading volume for Solana has surged by 9.41%, reaching $7.31 billion. As analysts predict a more bullish trend in ‘Pumpcember’, the question arises: Can Solana reach the $400 threshold?
Continued Staking by Solana Whales
Data from Lookonchain, a platform specializing in blockchain analytics, revealed that a large investor recently bought 100K SOL, valued at $23.86 million, and staked it within the past two days.
The whale’s activities demonstrate a deliberate strategy of accumulating and staking Solana tokens to maximize potential rewards.
Following these transactions, the whale now holds a total of 231,919 SOL, equivalent to $55.58 million, underscoring a strong belief in Solana’s future prospects.
The flow of transactions mostly originated from accounts on Binance and culminated in the transfer of 50,000 SOL, valued at $11.8 million, completed within the last few hours.
Record $310M Inflows of Stablecoins into Solana
Solana has witnessed an unprecedented influx of stablecoins, with $310 million entering the ecosystem within the past day, marking the largest single-day inflow in its history.
This surge has propelled Solana’s total stablecoin market cap to $4.481 billion, representing a notable 15.67% increase over the past seven days.
The dominance of USDC in the stablecoin landscape on Solana stands at 72.07%, indicating its significant presence in the market.
This substantial inflow signifies growing confidence in Solana’s ecosystem, likely fueled by increasing adoption and the network’s robust infrastructure.
SOL Surpasses ETH with Over 300% DEX Trading Volume
For the third consecutive day, Solana has outperformed Ethereum Layer-1 in Decentralized Exchange (DEX) trading volume, recording nearly 300% more trading activity.
The data reveals a notable uptick in activity on Solana, with bar graphs consistently showing higher DEX volume compared to other networks.
This ongoing dominance signals a strong adoption of Solana’s ecosystem, driven by its rapid transaction speeds, low fees, and increased liquidity.
The significant surge in DEX trading volume underscores Solana’s growing stature as a DeFi leader, reinforcing its competitive edge over Ethereum Layer-1.
Anticipating a $270 Breakout for SOL in the Next 4 Hours
At the time of writing, Solana was trading at $242.79, following a steady upward trajectory with crucial support at $234 and key resistance at $250.
This recent price movement broke out of a consolidation phase, surging over 10% before stabilizing. A successful breach beyond $250 could propel the price towards the next resistance level at $270, extending the previous breakout.
The MACD indicator displayed a bearish crossover, with the MACD line dropping below the signal line, suggesting a potential slowdown in momentum or a brief retracement.
Despite this, the narrowing histogram indicated diminishing bearish pressure, leaving room for a potential bullish reversal.
Simultaneously, the Chaikin Money Flow (CMF) remained positive at 0.10, indicating consistent net capital inflows and sustained buying interest.