Solana ($SOL) trades around $118 USD, recording a rise close to 5.5%–9.5% over 24 hours and a weekly accumulation of more than 20%.
This bullish streak is mainly due to the following factors:
Contagion effect and liquidations: The broad-based rebound in the cryptocurrency market, led by Bitcoin surpassing $85,000–$86,000 USD, triggered a massive wave of short position liquidations that boosted major altcoins.
Real volume inflows: Trading volume over 24 hours exceeds $4,700–$6,600 million USD—an increase of more than 25% versus the month’s average—confirming strong buyer participation.
Appetite for risk assets (risk-on): The easing in U.S. Treasury bond yields and the drop in oil prices eased inflationary pressures, benefiting higher-volatility assets like SOL.
Key levels to watch:
Resistance: The $119.66–$120.00 USD level is positioned as the crucial technical ceiling. Breaking it with high volume would confirm continuation toward higher zones.
Support: The $115.60 USD area acts as immediate short-term support to maintain the bullish structure.
This bullish streak is mainly due to the following factors:
Contagion effect and liquidations: The broad-based rebound in the cryptocurrency market, led by Bitcoin surpassing $85,000–$86,000 USD, triggered a massive wave of short position liquidations that boosted major altcoins.
Real volume inflows: Trading volume over 24 hours exceeds $4,700–$6,600 million USD—an increase of more than 25% versus the month’s average—confirming strong buyer participation.
Appetite for risk assets (risk-on): The easing in U.S. Treasury bond yields and the drop in oil prices eased inflationary pressures, benefiting higher-volatility assets like SOL.
Key levels to watch:
Resistance: The $119.66–$120.00 USD level is positioned as the crucial technical ceiling. Breaking it with high volume would confirm continuation toward higher zones.
Support: The $115.60 USD area acts as immediate short-term support to maintain the bullish structure.
