Is SOL Ready for a New ATH? Solana Records Close to Half of All Blockchain Activity This Bull Run

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

November 17, 2024

Solana has achieved a significant milestone, recording a staggering 172 million on-chain transactions during the U.S. election week. This achievement highlights Solana’s dominance in the blockchain ecosystem, with nearly half of all blockchain activity attributed to the network.

Solana’s speed, scalability, and low transaction costs make it an attractive choice for developers and users alike. Its market cap of $112.36 billion underscores its prominence as the fourth-largest cryptocurrency.

Solana Faces Critical Resistance: Technical Outlook

Solana is trading at $237, marking over 9% gain in 24 hours. The breakout from a symmetrical triangle pattern saw SOL cross the $222 resistance, now acting as support.

Testing the $241-$242 resistance zone, SOL is consolidating around this critical pivot point. Recent candlestick formations suggest buyer exhaustion, potentially paving the way for a bearish correction.

Key Fibonacci retracement levels highlight $234.89 (23.6%) and $230.58 (38.2%) as immediate support zones. If Solana fails to hold above $242, a retest of these levels is likely.

However, breaking above $242 could ignite bullish momentum, targeting $245.95 and $250.33.

Momentum Indicators Signal Overbought Conditions

The RSI stands at 74, signaling overbought territory and a possible cooldown. Yet, the 50-day EMA at $217.08 provides a robust support baseline, maintaining Solana’s bullish structure. This mix of resistance and support levels underscores a potential consolidation phase before the next major move.

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 signals overbought conditions, hinting at a potential pullback.

Solana’s dominance in blockchain activity and its technical setup suggest a pivotal moment for traders. A breakout above $242 could extend SOL’s rally, while a failure might lead to a corrective phase.

Solana’s momentum is boosting confidence in blockchain, driving interest in projects like Flockerz, a meme coin revolutionizing community-driven investments.

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The presale has raised $2,097,168 out of a $2,131,271 target, with just over 1 day and few hours remaining before the price rises to $0.0060289.

Key Highlights:

• High Staking Rewards: Up to 7,888% APY for long-term holders.
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• Final Opportunity: Buy $FLOCK now at the current rate.

Join one of Web3’s most dynamic projects before the price increases. Buy with ETH, BNB, USDT, or a bank card via the official website.

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