Solana (SOL) is showing promising signs after a consolidation phase. Strong buying activity and growing social presence indicate its readiness to continue climbing. Let's delve into the latest trends hinting at new breakthroughs for the token.
Although Solana has recently experienced a pause in its price action, on-chain data reveals that buyer appetite remains strong. Meanwhile, crypto community engagement around SOL continues to increase, indicating heightened interest in the ecosystem.
According to Glassnode analysts, the number of unique addresses participating in SOL transactions for the first time has jumped by 16% over the past 7 days. This wave of newcomers demonstrates growing demand for the token, despite moderate volatility recently.
Additionally, Solana’s social dominance has climbed during this period, reaching 4.26%. This indicator measures how frequently the asset is mentioned on social networks and media relative to the entire crypto market. Its increase reflects renewed attention and investor engagement with SOL.
Currently, Solana is trading at $245. If buying momentum strengthens, the token could target resistance at $248.50, then soar toward $270.
However, declining demand and massive selling could also drive SOL down to $222.
Nevertheless, all indicators point toward resistance levels at $254 and $266 in the coming days. This consolidation is also explained by its presence in the last strong liquidity zone, according to the VPFR.
In summary, the technical and social signals surrounding Solana seem to indicate that the token is set to resume an upward trend.
Here’s how to buy SOL on Zoomex :
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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