Solana
Solana Price Skyrockets Toward $180 Amid Surge in Active Addresses: What’s Next for SOL?
Solana price sparks massive buying demand, overcoming 1-month price range imbalance. Throughout May, Solana became one of the top performers on the market, even surpassing Ethereum with its gains. This month, the price of Solana has soared more than 50%. The recent rise in Solana’s value has triggered an increase in on-chain indicators, creating mixed signals among analysts.
Solana Trading Volume Jumps Over 50%
Over the past 24 hours, Solana price has seen a significant increase in buying interest, pushing it above key resistance levels. This momentum triggered a wave of short-lived liquidations. According to Coinglass data, the total liquidations exceeded $7.4 million. Of these, bearish trades amounting to $5.7 million were liquidated.
According to data from IntoTheBlock, Solana saw an increase in the number of new addresses, from 807,000 to 810,000. This increase in the number of new addresses indicates a growing market interest in investing in Solana, resulting in a strengthening of bullish sentiment.
Additionally, the number of active Solana addresses has increased significantly over the past five days, with data showing an increase from 1.15 million to 1.17 million. This growth was accompanied by a 53% increase in trading volume over the last 24 hours.
Learn more: Solana (SOL) enters the crucial phase: will bulls reach $200?
There are signs that whale investors may continue their buying activity, which could lead to further Solana price increases ahead of any potential pullback. Both Solana and the crypto market are experiencing upward trends, especially in light of last week’s recent CPI report.
Data from IntoTheBlock shows that the value transferred on-chain is increasing. This figure has rebounded from a low of $93 billion to $130 billion today, reflecting continued buying interest.
The long/short ratio jumped to 1.2277, suggesting an increase in bullish dominance, with 55% of positions now forecasting a surge in Solana price.
What’s next for the SOL price?
Solana surged above its 20-day exponential moving average (EMA) at $172 on the 4-hour chart, a point likely to serve as an important support level. In recent hours, buyers have accumulated positions aggressively, surpassing immediate Fibonacci levels. Currently, SOL price stands at $180.3, having climbed more than 6% in the last 24 hours.
If price breaks above the moving averages and sustains above the resistance line, it would indicate a resurgence of bullish momentum. In this scenario, the SOL/USDT pair could aim for a rally towards the next major resistance at $192.
Conversely, a pullback from the moving averages would suggest growing bearish sentiment, with traders taking advantage of price surges to sell. This could push the price towards a strong support level at $159. A break below this point could result in a further decline to $137.
As the Relative Strength Index (RSI) heads towards the overbought region, SOL price could maintain its upward momentum, potentially aiming for a rise above $210.