Solana has been gaining a huge amount of attention ever since it began to outpace major chains in different aspects. It took a major lead among the popular chains like Ethereum, Tron, BNBChain, and others by recording $370 million in fees. Besides, Fidelity’s spot ETF application is an inch closer to get approved and the latest Grayscale ETF filing has raised the optimism around the SOL price rally.
SOL price recovers aggressively after a flash dip to $112.46, which suggests the bulls could be probably back in the game. The trading volume jumped by over 25% to reach close to $5 billion following a massive increase in whale interest. As a result, the investors also appear to have turned bullish on Solana. A popular analyst, Ali, shared data that suggests more than 71% of traders have gone long on SOL.
This suggests that more than 70% of the investors are bullish on Solana and are betting on a price increase. While the price has rebounded from a crucial support, the bullish reversal has yet to be validated. Until then, the Solana price is expected to remain accumulated within a range but above the support at $118. However, the token is forming a double bottom pattern at this support level, which may result in a massive breakout after reaching the resistance zone around $146.
The latest collaboration between Solana and Circle to enhance USDC accessibility has led to significant growth in DeFi, highlighting stablecoin expansion. Besides, the recent token unlocks and heightened whale activity on Solana suggest potential shifts in market dynamics, reflecting growing confidence from large investors. In the past 24 hours, the Solana (SOL) price has moved over 5.31% to $121 and hence is believed to maintain a consolidated ascending trend to rise above $150.
Credit: Source link