Solana Price Surges: $1M Sell Wall Broken
Solana (SOL) experienced a significant price surge, rising nearly 4% in the last 24 hours to reach a three-week high of $139. This bullish momentum completely wiped out a substantial $1 million sell wall, sparking speculation about further price increases and a potential move towards $150.
Solana Price Rally and Sell Wall Liquidation
The Solana price breakthrough occurred after surpassing a key resistance level around $138. This rally resulted in over $1 million in liquidations, as shown in the SOL liquidation heatmap. The elimination of this sell wall suggests a strong buying pressure and the potential for SOL to reach $150 if buyers maintain their dominance. Further data from Coinglass shows over $13 million in short liquidations preceding this price surge, indicating a shift in market sentiment.
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Solana Technical Analysis: $150 Target
Currently, Solana is trading within a significant value area between $126 and $170. If the uptrend continues and maintains support above $138, the price could rally to the Point of Control (PoC) at $142. A decisive close above $142 could propel SOL towards $150 and potentially even reach $183.
However, bearish pressure persists. Failure to sustain buying pressure and maintain levels above $138 could lead to rejection and a retest of the $126 support level. A breakdown below $126 would signal a bearish shift, potentially leading to a price decline towards $100 and even further to $74.
Network Activity Supports Bullish Outlook
The increased activity on the Solana blockchain strengthens the bullish case. Data from DeFiLlama reveals that the stablecoin market cap on the Solana network has surged to $12.72 billion, increasing by more than $170 million in just seven days. Additionally, data from DappRadar shows a 16% increase in Solana dApp volume over the past week, reaching $852 million. This surge in network activity indicates significant adoption and could precede further price gains.
Frequently Asked Questions (FAQs)
- Q: Could Solana reach $150?
A: Yes, a surge in buying pressure could push SOL to $150. Further gains could take it to $183. - Q: What is the key support level for SOL?
A: The crucial support level is $126. A break below this could trigger a downtrend towards $100. - Q: What does recent network activity suggest?
A: Rising stablecoin market cap and dApp volume indicate a bullish outlook for Solana.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Conduct your own thorough research before making any investment decisions.