Key Takeaways:
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Solana's 15% progress and potential close to the 50-week EMA signal strong bullish momentum, which previously led to a 515% rally in 2024.
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The $ 120 million of the liquidity in Solana reflects the growing confidence in the network.
The price of Solana (SOL) gained 18% this week, which signed a rising bullish momentum. Altcoin approaches a pivotal point, with a potential near above the 50-week exponential transfer of average (EMA), a historical level that has catalyzed significant rallies.
In March, Sol sank under the 50-week EMA and briefly fell under $ 100 on April 7. Since then, Solana has performed a strong recovery, recovering major EMA levels (100W and 200W), with the 50-week EMA (blue line) focused today.
Historical patterns reinforce a bullish point of view. In October 2023, Sol violated the 50- and 100-week EMA, which combined these levels before ralling 515% in March 2024.
Interestingly, the relative power index (RSI) is below 50 in the same periods, reflecting the current setup, along with the indicator rebound above 50 after a 50-week EMA flip to support. If the 50-week transfer of the average holds, the target prices for SOL may be between $ 250 and $ 350 to September 2025.
The day -to -day chart is Bolsters this narrative. Solana recently closed above the 200 -day EMA, with immediate resistance to $ 180. A rest above this level in the coming weeks and the scope at a support level could potentially fire a parabolic rally by Q3 2025.
Related: Solana lacks the 'convincing signs' of Besting Ethereum: Sygnum
Users are bridge $ 165 million in Solana
In the last 30 days, more than $ 165 million in liquidity has been that -bridged with Solana From other blockchains, which reflect the growing trust in the network. Ethereum led with $ 80.4 million in transfers, followed by arbitrum with $ 44 million, per Debridge data. The base, BNB chain, and sonic contributed $ 20 million, $ 8 million, and $ 6 million, respectively.
Similarly, the data from Defillrama implies Solana posted the highest decentralized exchange (DEX) volume, 3.32 billion, over the past 24 hours. The network is currently holding 28.99% of market sharing with other chains.
With a 28.99% market sharing with competing chains, Solana's dominance over the Defi activity features the scalability and adoption of the user.
Currently, the huge flow of liquidity and strong position of Dex Volume Solana for a long price breakout.
Related: High Bitcoin High Prices more than $ 110k in May Increase – Here's why
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
