Solana Price Steady Above Key Support with Increased Activity and Volume

Solana (SOL) maintains a steady price above key support levels, rising to $135 driven by increased active addresses, transactions, and fees. DEX activity rose notably, with a 24-hour trading volume of $2.27 billion. Technical indicators suggest potential further gains, with a focus on resistance levels and emerging market activity.

The price of Solana (SOL) has demonstrated stability above significant support levels amid an increase in active addresses, transaction volumes, fees, and decentralised exchange (DEX) activity. As of Friday, Solana’s value has risen to $135, representing a 40% increase from its monthly low, bringing its market capitalisation close to $70 billion.

The trading activity on Solana’s DEX platforms has escalated, with a notable 24-hour volume reaching $2.27 billion, outperforming Ethereum’s trading volume of $1.52 billion. Furthermore, the weekly trading summary for Solana amounted to $16.14 billion, surpassing Ethereum at $12.36 billion and Binance Smart Chain (BSC) at $6.5 billion.

Data from Nansen indicates a 17% growth in active addresses over the last week, totalling 29 million. This figure significantly outpaces other blockchain platforms, with Tron at 5.9 million, Ethereum at 1.86 million, and BSC at 4.9 million.

Transactions on Solana saw a rise to 374 million, a volume exceeding that of all other blockchains combined. Additionally, the network generated over $7.67 million in fees, marking a 42% increase from the preceding week. The increase in fees indicates heightened network activity and user engagement.

In addition, tokens within Solana’s ecosystem have experienced price increases, with Pudgy Penguins rising by 12% and Popcat (POPCAT) gaining 10%. Furthermore, the American real estate technology firm Janover has bolstered its investment in Solana by purchasing $10 million in SOL, raising its total investment to $21 million.

Technical analysis of Solana’s price action reveals that after hitting a low of $94.65 earlier this month, it rebounded to $135, establishing solid support above the crucial $120 price point. Repeated failures to fall below this threshold since 2024 indicate strong underlying support.

The MACD and Relative Strength Index (RSI) indicators signal a continued bullish trend, with the RSI surpassing the neutral zone of 50. The MACD is approaching a zero crossover, suggesting potential price gains toward the psychological level of $150. Should the price ascend from there, it may challenge the key resistance at $170, which was seen in January. A decline beneath the established support of $120 would negate the bullish forecast.