Recent data on Solana (SOL) shows that the cryptocurrency has broken through key resistance, establishing new market targets. The data provided analyzes price movements and network activity.
Price Action and Market Structure
Solana (SOL) recently reached $246, breaking above a key resistance level, before retreating to $232. This increase followed a strong rally last week, where the token gained 12%. Despite a 6% drop over the last 24 hours, the short-term trend remains intact.
Analyst Cipher X noted that a crossover between the 9-period and 15-period EMAs has formed, with the 9 EMA crossing above the 15 EMA. This crossover is often used by traders to indicate short-term strength. The asset has remained above both lines during the recent move, suggesting that current levels are being supported by ongoing demand.
$250 Level Holds High Liquidation Risk
According to trader CW, a liquidation of up to $133 million in short positions could take place if SOL returns to $250. This figure is indicative of how large the leveraged shorts are that have been opened recently near that level. Heatmap data shows this dense band of liquidation orders, representing pressure points for prices. A wave of forced buybacks usually follows if the asset can move past these zones, leading to swift movements in price.
Network Activity and Capital Flow
Recent on-chain data shared by Cipher2X shows that Solana processed over 65 million transactions in a week, compared to 10–12 million on Base. It also generated $1.2 million in transaction fees, which is $200,000 more than Ethereum during the same period. Solana recorded $7.7 million in net inflows in the past 24 hours, indicating that, despite lower user activity, capital is still entering the ecosystem.
Looking ahead, investors will closely monitor Solana's price movements, particularly around the $300 mark. Support levels at $160 and $120 may strengthen the current bullish trend.
