In the recent market uncertainty, SOL, the native token of the Solana blockchain, seems to be getting stronger and is poised to make a new all-time high, as it has formed a bullish price action pattern on its four-hour time frame. While examining its current outlook, traders and investors have shown strong strength and confidence in the asset.
Solana (SOL) Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, SOL has formed a symmetrical triangle price action pattern and has reached a zone that suggests a potential breakout. Based on the recent price action, if SOL breaches the pattern and closes a four-hour candle above the $270 level, there is a strong possibility it could soar by 25% to reach the $330 level in the coming days.
The Relative Strength Index (RSI) at 54 indicates that SOL has the potential to breach this pattern and could soar significantly.
Solana’s DEXs Record Volume
Besides this bullish price action, the volume generated by Decentralized Exchanges (DEXs) is indicating that Solana is getting stronger day by day. Recently, an on-chain analytics firm, DeFiLlama, revealed that SOL-based DEXs recorded a significant $202.7 billion in total volume, surpassing Ethereum, which recorded only $63.21 billion in the past month.
Looking at this, it appears that SOL-based DEXs are getting more attention than other DEX tools based on different blockchains.
$40 Million SOL Outflow
With this strong development and record adoption, long-term holders have been accumulating the token, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow revealed that exchanges have witnessed a significant outflow of SOL worth $40.60 million in the past 24 hours.
This substantial outflow from the exchanges indicates the potential accumulation by long-term holders and could create buying pressure, leading to further upside momentum.
SOL is currently trading near $258 and has experienced a modest price decline of 0.50% in the past 24 hours. During the same period, its trading volume dropped by 32%, indicating lower participation from traders compared to the previous day.
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