- Solana price eyes the $296 mark as Coinbase expands its DEX to support SOL and SPL tokens.
- Bullish technical indicators and rising open interest signal strong upside potential for SOL.
- Market optimism grows as Solana benefits from fast, low-cost transactions and increasing institutional interest.
Solana (SOL) is back in the headlines again and has broken out from the recent downtrend and is eyeing an increment in its value with the overall market. The SOL price over the last 24 hours is up by 3.53%, and over the last week it is also up by 10.83%.
At the time of writing, SOL is trading at $181.82, with a 24-hour trading volume of $5.7 billion, down by 14.36% over the last 24 hours. The coin has a market capitalization of $98.03 billion, which is up by 3.51%.
The overall crypto market has taken a bullish turn, as BTC is trying to approach its all-time high around $123,000. This has inspired the market to inject fresh optimism into the altcoins like SOL.
Coinbase Expands DEX with Solana Integration
According to the data from Solana Daily, Coinbase is gearing up to enhance its decentralized exchange trading feature, a major move in the company’s strategy of going multichain. It will bring the Solana SPL token standard to Coinbase’s Web3-enabled trading interface, where users will be able to exchange and operate with SOL and other native Solana tokens directly from their self-custodial wallets.
The announcement is part of Coinbase’s efforts to serve the expanding need for safe, on-chain solutions for trading and offers its customers one of the quickest and most affordable blockchain networks available.
Also Read: Coinbase Launches Powerful In-App DEX Trading, Solana Support Coming Soon
Solana Eyes Breakout and Poised to Reach at $296
Technical indicators support the bullish SOL case. The rate is also maintaining above the 20-day Bollinger Band mid-point ($170.82), and a solid support bottom has been established at $143.26. The Relative Strength Index (RSI) is 58.99, showing that the token is on a positive uptrend but is not yet in overbought territory. The MACD lines, meanwhile, are well aligned positively, which is a sign that upward momentum is sustained.
Looking ahead, a move and hold above the $198.39 resistance will be essential to continue the rally. If sustained, the breakout could gain speed towards the area of $265–$296 over the coming weeks. However, an inability to get over this level could keep SOL ranging between $170 and $198.
Solana Derivatives Point to Significant Upside Potential
The derivative market confirms rising bullish momentum. Open interest has risen 2.36% to a level of $9.86 billion, and volume stands at $23.37 billion, slightly down by 0.85%, which often leads to the bullish positioning in the market.
OI-weighted funding rate is mildly positive at 0.0102% and hints at a bullish tilt from the side of leveraged investors. Earlier, open interest combined with positive funding has tended to indicate a rapid price swing.
Also Read: Solana (SOL) Loses 25% From the Recent High of $206 as Bearish Pressure Builds
