In a relentless upward trajectory, Solana (SOL), a formidable Ethereum Layer-1 competitor, exhibits robust performance as its price notches an additional 7.26%, reaching an impressive $120. The weekly gains for Solana have now extended by a remarkable 60%, with December showcasing a solid 100% surge.
Following this unyielding rally, investors eagerly await a dip, seeking an opportune moment to accumulate assets. TradingView analyses suggest a potential short-term buying opportunity for accumulating more SOL. Despite the recent gains making it challenging to recommend a substantial position, signs indicate further upward potential for SOL.
Taking a broader perspective, SOL has successfully surpassed a crucial level at $113, encountering minimal resistance. The swift surge prompts some cryptocurrency traders to secure profits, a prudent move amid the noteworthy price increase.
Solana’s 2024 Outlook: $143 Resistance And $100 Buying Opportunity
Looking ahead to Solana’s 2024 projection, $143 emerges as a significant resistance level, with anticipated sell-offs around these price zones. Conversely, $100 is deemed a favorable buying opportunity for SOL on the downside.
The upcoming year, 2024, holds promise for the crypto market with the potential introduction of Bitcoin ETFs, likely ushering in a fresh influx of institutional funds. A chart projection indicates a realistic expectation of Solana’s price reaching $250 by the end of 2024.
Solana (SOL) has surpassed Ethereum (ETH) in 24-hour perpetual futures trading volume, a pivotal metric in the cryptocurrency realm. According to CoinMarketCap data, SOL achieved an impressive trading volume of 5.56 billion USDT, outpacing Ethereum’s 4.68 billion USDT. This shift coincides with a 7.51% increase in Solana’s price over the last 24 hours.
Perpetual futures, derivative contracts without an expiry date, play a crucial role in crypto market liquidity and price discovery. Solana’s lead in this metric is noteworthy, challenging Ethereum’s historical dominance in the field.
In spot trading volume, SOL continues to dominate with a percentage volume of 8.43%, surpassing Ethereum’s 4.62%. Additionally, SOL has attained a market capitalization exceeding $50 billion, solidifying its position as a prominent player in the cryptocurrency sphere. Notably, SOL has also outpaced Ethereum in 24-hour Decentralized Exchange (DEX) trading volume.