Crypto Giggle
The volume of stablecoin transfers has risen dramatically in the last year. This is a sign that adoption and activity on Solana networks are growing. The transfer volume grew from 306 billion dollars to $972 million in one year, a 32x jump.
In addition, the recent months have shown a accelerated pace, as December-January activity increased by 77%, and January-February saw an increase of 76%. This marks two months in a row where Solana’s usage has nearly doubled. The surge in Solana usage and decentralized finance is a testament to its growing importance.
SOL Price consolidation between $77 and $82
Solana’s native token $SOL is trading within a range of $77 to $92. CryptoJobs3 reports that buyers have defended $77 as a support level, showing a strong absorption of demand after previous downtrends.
The $90-$92 area is a short-term support zone. This level is a key resistance. A breakout of this level would likely trigger a bullish trend in the next few weeks.
Source: X
Also, maintaining higher bottoms in the accumulation zone may pave the way for a return to the supply zone of $108-$110. Before aiming for higher levels, traders should look out for volume growth and daily closings confirmed above $92.
The indicators indicate a potential uptrend
CryptoCurb identifies a divergence bullish forming in Solana’s daily charts. The RSI formed a new low while $SOL’s low was near $80.00. This indicates fading sales pressure.
The immediate resistance is $90. A daily close over this level would confirm the strength of short-term. The next major supply zone lies beyond $90 between $115-$120, which is in line with previous weekly and monthly resistance. Support is still solid between $78 and $82, providing a strong base from which to launch potential upswings.
Market metrics and outlook
At the time of this press release, Solana is trading at $87.12, with a volume of $4.08billion in 24 hours. The daily trend is improving despite a slight weekly drop of 5.58 %. The market cap is nearing $49.7 Billion with 570 Million SOL in circulation.
Comments
Loading…