Solana is a blockchain platform intended for widespread use in fields such as finance, payments, and gaming.
Solana surpassed Ethereum in daily transaction fees for the first time, generating approximately $2.54 million as of October 28, 2024, compared to Ethereum's $2.07 million. This spike is being driven by high activity on Raydium, the largest decentralized exchange, which alone has generated over $3.41 million in fees. Solana's superior transaction efficiency and significant increase in memecoin transactions have solidified its position as a leading competitor in the cryptocurrency space. However, this expansion of activity has also created technical challenges on the Solana network.
Solana Whale’s recent activity revealed a significant accumulation with the purchase of approximately 202,400 SOL tokens worth $35 million from centralized exchanges such as Binance and Kraken on October 28, 2024. This surge in whale activity confirms growing confidence in Solana's potential. Such a large acquisition shows the strong bullish sentiment of large investors towards cryptocurrencies.
Currently, SOL is consolidating after hitting a multi-month high of $183.92 and is trading around $174.84 with strong resistance at $185. If the price sustains above this level, it could further rise above $200. However, if the price closes below $110, it could indicate a bearish trend. The closest support level is $159, below which a target could be $140, $127, $120, or $110.
It is very important for traders to monitor the near-term resistance at $180. A break above this level could push the price further up to $200 and even $229. A solid strategy is to set a stop loss at 140, set a target price of $200, and buy on a push near 160.
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