Solana (SOL), a layer-one blockchain, has had a strong start in 2023, recently recording a 17% gain within a week. The cryptocurrency saw a surge, moving from the $150 support level to over $170 before stabilizing. However, recent price trends indicate a slight decline following staking activities from a Binance wallet.
Solana Price Rises 17% Amid Staking Surge
Lookonchain data shared in an X post reveals that Solana (SOL) experienced a 17% increase over the past week.
The surge follows the movement of 150,011 SOL, worth approximately $26.25 million, which was withdrawn from Binance by a new wallet and subsequently staked. This significant action has drawn attention as it may influence Solana’s ongoing price momentum.
The price of $SOL has increased by 17% in the past week!
In the past 3 days, a fresh wallet withdrew 150,011 $SOL($26.25M) from #Binance and staked.https://t.co/rv6d81subg pic.twitter.com/xv0rdY4fcK
— Lookonchain (@lookonchain) October 25, 2024
Is Solana Price Bull Run Over?
After a week of surge, the latest SOL price has slipped to $167, marking a 2.44% decrease over the last 24 hours. This price dip contrasts with the upward momentum seen earlier, as Solana reached a high of $177.00 before experiencing a downturn.
Over the past year, the Solana price has surged by 400%, driven largely by the rise of new Solana-based memecoins. One standout, Goatseus Maximus (GOAT), recently spiked by nearly 700% within just a month, capturing the attention of investors. Other memecoins, such as POPCAT, MEW, and WIF, have also increased transaction volumes on Solana’s network.
If the Solana price prediction surpasses the $177.22 resistance, it could open the path toward the $200 target. Conversely, a dip below $150.00 would signal a potential decline, possibly indicating a bearish trend continuation.
The Moving Average Convergence Divergence (MACD) indicator shows mixed momentum. The MACD line remains above the signal line, signaling possible bullish activity. However, recent histogram bars have turned red, indicating waning strength in upward momentum.
Solana’s recent price momentum reflects strong market confidence, driven by significant staking and memecoin activity. However, future movement depends on its ability to surpass the $177 resistance, which could hit new highs.
Frequently Asked Questions (FAQs)
It’s possible if it breaks $177 resistance and market sentiment stays strong.
A drop below $150 could signal a bearish trend.
Staking, memecoin activity, resistance levels, and market trends.
Coingape Staff
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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