- Solana transaction volume spikes 414%, reaching $13.072 billion in 24 hours.
- SOL price faces resistance at $270 and targets $280, with support at $250.
- Bullish technical indicators suggest further gains for SOL in February 2025.
Recent data from DefiLlama reveals a significant increase in Solana’s on-chain activity. Its 24-hour transaction volume hit $13.072 billion, accounting for 50.07% of all blockchain transactions. The 7-day volume soared to $140.098 billion, a 414.11% weekly increase. This surge brings out Solana’s growing influence in the blockchain space, likely fueled by rising DeFi adoption and increased trading.
Solana Price Analysis: Bullish Signals Emerge
Turning to the charts, Solana (SOL) currently trades at $248.94, a 4.41% dip since a day. Key resistance sits at $260.00 and $270.00, with immediate support around $250.00. If SOL breaks above $270.00, we could see it climb to $280.00 and possibly even $300.00, especially if volume continues to grow.
The Exponential Moving Averages (EMAs) also paint a bullish picture. Solana’s price is trading above the 20, 50, and 100 EMAs, indicating strong upward momentum. Furthermore, the Relative Strength Index (RSI) is at 63.23, suggesting there’s still room to run before entering overbought territory.
Related: What’s Next for US-Made Cryptos? Price Prediction for XRP, Solana, and ONDO in February
Solana’s February Outlook: Driven by Volume and Sentiment
This recent volume spike has certainly caught the attention of investors. High transaction volume often points to increased market interest and potential price momentum.
On the upside, a decisive break above $270 could trigger further gains. Analysts believe this could push Solana towards $280 in the near term, with $300-$350 as the next major target. Continued high transaction volume and growing investor confidence are expected to drive the cryptocurrency to new highs in 2025.
Related: February’s Altcoin Picks: Market Insights and Price Updates
However, if Solana fails to hold the $250 support level, we could see a short-term pullback. This might send SOL down to $240. If this level breaks, further downside pressure could emerge, with $220 acting as a critical support zone.
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