The Rise of Solana Crypto
The Solana cryptocurrency has experienced a significant and continuous increase in volume inflow over the past few weeks, coinciding with a rise in its price. From an average volume of $1 billion in the last week of February 2024, the current volume has surged to nearly $6.61 billion.
Whales Activity In Correspondence With Solana Price Analysis
Whale activity in the Solana (SOL) crypto market has been observed alongside price movements. Since the start of February 2024, whales have consistently increased their portfolio holdings of Solana, indicating potential accumulation of the crypto asset.
Solana Price in Comparison to Social Dominance Analysis
Social dominance indicators show a positive trend following a temporary decline, with increased activity observed on platforms like Twitter(X). This rise in social activity corresponds with Solana’s popularity, as evidenced by growing social dominance metrics.
- Increasing Twitter(X) chatter and active users
- Rising number of Twitter(X) followers
Overall, there is a clear correlation between social dominance and Solana’s price performance.
Solana Price Structure Evaluation Over The Daily Chart
Solana’s price has demonstrated a remarkable turnaround, surpassing previous highs and breaching resistance levels. At the time of publishing, SOL was trading at $170.91, showing a 4.17% increase in the last 24 hours.
If demand for Solana continues to rise, the asset’s price could aim for $200, with resistance expected at $185.
On the daily chart, Solana exhibits bullish signs, supported by a strong uptrend in recent weeks and months. Maintaining above key exponential moving averages (EMAs), SOL shows potential for further upside.
However, failure to sustain above $160 could lead to a decline, possibly targeting $140.
Summary
In summary, Solana has seen a steady increase in volume and price, accompanied by consistent whale activity. Social dominance metrics suggest growing popularity, further supported by bullish price structures.
If demand continues to rise, Solana’s price could aim for $200, with resistance at $185.
Technical Levels
- Support Levels: $160
- Resistance Levels: $185
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