Solana (SOL) Price Consolidates Around Crucial Support as Metrics Signal Breakout – The Global Tofay

Solana (SOL) Price Consolidates Around Crucial Support as Metrics Signal Breakout - The Global Tofay Global Today
  • Solana (SOL) price consolidates around crucial support levels, following Bitcoin’s struggle to establish a clear trend above $70,000.
  • On-chain metrics show a surge in new addresses, indicating growing interest and investment in Solana.
  • The next significant price movement for SOL will depend on its ability to break above the 20-day EMA at $162.

In recent weeks, the Solana (SOL) price has continued to consolidate around critical support levels, following Bitcoin’s latest struggle to establish a clear trend above the $70,000 psychological mark. Despite the overall stable market sentiment, Solana has experienced a mood swing in key on-chain metrics, suggesting the possibility of a significant price movement in the near future.

Solana Witnesses Growing Interest with Surge in New Addresses

The Solana market is currently experiencing a tug-of-war between buyers and sellers, each attempting to establish a clear price trend for the cryptocurrency, which is presently trading within a consolidated range around $160. As sellers gain the upper hand, significant liquidations are becoming more prevalent.

According to recent data from Coinglass, SOL has faced total liquidations approaching $2.7 million, with buyers experiencing liquidations of approximately $2 million and sellers encountering liquidations totaling around $680,000.

Solana (SOL) Price Consolidates Around Crucial Support as Metrics Signal Breakout - The Global Tofay Global Today

Data from IntoTheBlock reveals that Solana has seen a notable increase in the number of new addresses over the past seven days, with the figures climbing from 956,000 to a new high of 980,000.  

There are indications that whales may begin accumulating SOL, potentially driving the price higher before a strong rally is confirmed. Given the positive outlook following last week’s consolidation, it is anticipated that both Solana and the broader market will experience a surge in value.

On the 4-hour chart, Solana has reached its 20-day Exponential Moving Average (EMA) at $162, which is expected to serve as a significant resistance point. Despite aggressive accumulation by buyers in recent hours, sellers are fiercely defending against a price surge, resulting in a consolidation in the price chart. At the time of writing, SOL is trading at $162, up over 0.2% in the last 24 hours.


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