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Is SOL Prepared for a New All-Time High? Solana Accounts for Nearly 50% of Total Blockchain Activity During This Bull Market.
Solana has reached a notable achievement, recording an impressive 172 million on-chain transactions during the week of the U.S. elections. This accomplishment underscores Solana’s prominence within the blockchain landscape, with nearly 50% of all blockchain activity linked to the network.
The network’s speed, scalability, and minimal transaction fees render it a compelling option for both developers and users. Its market capitalization of $112.36 billion highlights its status as the fourth-largest cryptocurrency.
Source: Dune
Solana Encounters Key Resistance: Technical Analysis
Solana is currently priced at $237, reflecting a gain of over 9% in the past 24 hours. The breakout from a symmetrical triangle pattern has allowed SOL to surpass the $222 resistance, which is now functioning as support.
As it tests the $241-$242 resistance area, SOL is stabilizing around this crucial pivot point. Recent candlestick patterns indicate potential buyer fatigue, which may lead to a bearish correction.
Solana Price Chart – Source: Tradingview
Key Fibonacci retracement levels identify $234.89 (23.6%) and $230.58 (38.2%) as immediate support areas. Should Solana fail to maintain its position above $242, a retest of these levels is probable.
Conversely, a breakthrough above $242 could trigger bullish momentum, aiming for $245.95 and $250.33.
Is $SOL Prepared for New Highs?
Solana tests $242 resistance following a 9% increase. RSI reaches 74.8 (overbought), indicating a potential correction. Monitor key support at $234.89!#CryptoNews #Solana $SOL— Arslan Ali (@forex_arslan) November 17, 2024
Momentum Indicators Indicate Overbought Conditions
The RSI is at 74, indicating overbought conditions and a possible cooldown. Nevertheless, the 50-day EMA at $217.08 serves as a strong support level, preserving Solana’s bullish framework. This combination of resistance and support levels suggests a potential consolidation phase prior to the next significant movement.
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Key Takeaways:
- Resistance Levels: $242, $245.95, $250.33.
- Support Levels: $234.89 (23.6% Fib), $230.58 (38.2% Fib), $217.08 (50 EMA).
- Momentum: RSI at 74.80 indicates overbought conditions, suggesting a possible pullback.
Solana’s leading position in blockchain activity and its technical configuration indicate a crucial moment for traders. A breakout above $242 could extend SOL’s upward trend, while a failure may result in a corrective phase.
Solana’s momentum is enhancing confidence in blockchain, increasing interest in initiatives like Flockerz, a meme coin that is transforming community-driven investments.
Flockerz Presale Surpasses $2M: Final Hours Before Price Increase
Flockerz ($FLOCK) is innovating in the meme coin sector with its vote-to-earn model, empowering holders through its Flocktopia DAO.
The presale has garnered $2,097,168 out of a target of $2,131,271, with just over a day and a few hours left before the price rises to $0.0060289.
Key Highlights:
- High Staking Rewards: Up to 7,888% APY for long-term holders.
- Decentralized Governance: Holders influence the project’s future.
- Final Opportunity: Purchase $FLOCK now at the current price.
Engage with one of Web3’s most dynamic projects before the price escalates. Buy using ETH, BNB, USDT, or a bank card via the official website.
Visit the Flockerz Presale Website.
The post Is SOL Ready for a New ATH? Solana Records Close to Half of All Blockchain Activity This Bull Run appeared first on Cryptonews.
