Solana Records Over 400 Billion Transactions; SOL Hits Crucial Support Level
**Solana (SOL) finds itself at a pivotal juncture, having breached the $150 mark and notched a significant achievement by surpassing 400 billion total transactions. The network continues to bustle with activity, with decentralized exchange volume hitting a high of $21 billion over the last week-a 44% surge that keeps Solana at the top of the leaderboard.
SOL, having experienced a pulse-pounding 1412% rally since touching rock bottom at $9.98 on January 1, 2023, remains one of the cycle's foremost high-flyers. The network's ecosystem has exploded in the past year, with DeFi projects such as Raydium, Meteora, Jupiter, and Jito generating enormous revenue on a monthly basis.
However, momentum indicators such as RSI and tightening EMA gaps signal that the bullish energy has started to wane. The relative strength index (RSI) has plummeted from lofty highs to 50.61, mirroring the slowing price momentum after SOL's rise above $150, hinting at cooling bullish strength.
SOL is now precariously positioned near a vital support level of $145.59, a digit traders are watching with bated breath. If this area succumbs to selling pressure, prices could slide toward $133.82, while another drop could take the price all the way down to $123.46. On the flip side, if buyers regain the momentum from the start of the month, we could see Solana retesting resistance at $157. A resounding breakout above this zone could fuel a run higher to $180 and potentially reignite the bullish trend.
Solana's EMA Setup Proves Testy
Solana's EMA lines still paint a bullish picture, with short-term averages continuing to hover above the long-term ones. However, the gap between these averages has shrunk compared to several days ago, signaling a slowdown in momentum.
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Join Uphold Now!If the supports hold, prices may bounce back and challenge the resistance levels again. Conversely, breakdowns followed by sustained bearsish pressure could confirm a bearish outlook, paving the way for a wider price correction.
All investment actions involve risk, so carefully consider your approach and consult expert advice before making a move.
- Solana's (SOL) recent surge has pushed its total transactions beyond 400 billion, making it a top performer within the crypto trading landscape.
- Decentralized exchange volume on Solana reached an all-time high of $21 billion over the past week, marking a 44% increase that solidified its position at the front of the pack.
- Despite the impressive gains, the Relative Strength Index (RSI) has dropped to 50.61, signaling a potential slowdown in price momentum after SOL breached the $150 mark.
- Solana is now hovering near a critical support level of $145.59, with a potential slide toward $133.82 if selling pressure ensues, or a rebound if buyers regain momentum.
- The network's ecosystem, which includes DeFi projects like Raydium, Meteora, Jupiter, and Jito, has experienced monumental growth over the past year, generating substantial revenue each month.
- Solana's EMA lines still present a bullish scenario, but the gap between the short-term and long-term averages has narrowed, possibly signaling a slowdown in momentum.
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