Solana is seeing a notable shift in trading activity as more investors move beyond memecoins and begin trading major cryptocurrencies on the network.
At the same time, technical market watchers believe the blockchain’s native token is showing signs of a stronger market structure after recovering from months of weakness.
According to market expert Kylobayd, foreign token trades on Solana have reached a value of $211.7 million. Tokens such as Bitcoin, Ethereum, and other foreign tokens are experiencing higher liquidity.
Despite being at the top as the largest trading group with $259 million in trading value, foreign tokens are lagging by 18%. This shows that Solana is slowly transforming itself from being just a speculation platform.
Source: X
Also Read: TRON Price Retests Key Support Zone as Bulls Target $0.38 Resistance
Foreign Token Growth Expands Solana’s Trading Base
The growing share of foreign coins is increasingly popular among traders. Traders are now less interested in pursuing memecoins, but instead, they are increasing their investments in recognized cryptocurrencies while remaining within the Solana platform.
The right balance of assets will ensure better liquidity in DEXes and draw in more traders to the platform.
Another positive aspect of it is that it doesn’t have to depend on any single class of trading asset, which makes it more attractive to investors who can use several crypto assets through one blockchain. It aligns very well with the growth of the decentralized finance ecosystem of Solana and cross-chain assets.
Solana Completes Wyckoff Pattern With $120 Target in Focus
While this was going on, analyst BATMAN added that Solana had managed to complete a so-called textbook Wyckoff structure. According to the technical analysis, SOL has managed to reclaim its previous trading range after a liquidity sweep, giving the buyers control.
The SOL/USDT chart indicates a complete Wyckoff cycle consisting of an accumulation stage, manipulation, and the beginning of the markup stage.
Source: X
Having dropped from above $200, the coin traded rangebound for many months within a price corridor from $76 to $98. Such lengthy consolidation indicated the balance of buyers and sellers until the demand grew.
SOL had a slight dip below support levels, which most likely triggered stop losses for bearish traders and created a pattern typical of Wyckoff analysis, known as accumulation by stronger buyers.
Once SOL reclaimed its $76–78 support levels, it made a very bullish candle, confirming new buying pressure. Provided the support levels hold, the forecast is an increase to $120–125, which is 50% more than the current levels at around $81.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
