Solana is again in the spotlight while it is recovering the $ 180 marking for the first time since mid-February, in the midst of rising decentralized financial statistics.
Thanks to a solid technical setup and growing interest in its Defi eco system, the price has risen by 6% in the past day and 22% in the past week. The open interest of Solana (SOL) has also increased by 11.08%, according to Coinglass facts. This means that more traders enter the market with new contracts, which usually points to the growing trust of investors.
According to Defillama factsThe total value of Solana rose from $ 7.5 billion to $ 9.6 billion at the time of writing at the beginning of May. The management of the load is platforms such as marinade (an increase of 56%), Jito (an increase of 41%) and Raydium (an increase of 78%). In addition, weekly decentralized exchange volumes increased, from $ 18 billion rises to $ 22 billion last week the week before.
Chain activity remains strong. The income and transaction costs on Solana have steadily risen four weeks, almost three months high. With 65% of SOL -ENTER SOL, a combination of Defi use demand and the limited supply can support price growth.
But not every metric is positive. Solana’s total stablecoin market capitalization has fallen by 8% to $ 11.7 billion in the last seven days. With 8%, the financing percentage indicates that traders pay more to cover long positions, which is a sign of bullish sentiment, but also one that often precedes short -term corrections.
Technical substance confirms strength, although caution is required. Sol acts considerably above all important advanced averages, with the 10, 20, 50, 100 and 200-day EMAs and SMAs that are all displayed ‘Koop’ signals. This confirms a strong upward trend. Overbought conditions are, however, indicated by the relative strength index, which is at 71.
The Bollinger tires are getting bigger and Sol now exchanges close to the upper tire. This is usually before a period of correction or consolidation and indicates high volatility. Immediate resistance is near $ 185, the top of the current band. An outbreak above can open the path to $ 200. On the other hand, support is seen around $ 157 (20-day EMA) and $ 130, where the lower Bollinger band and earlier consolidation zone lines.
Looking ahead, Bullish Momentum can continue if Sol breaks with volume above $ 185. However, a rejection here can activate a pullback to support levels. While SOL remains 39% below its highest high time of $ 295, growing institutional interest rate, possible ETF approval and upgrades such as the Firedancer suggest that the road to $ 200 seems more likely if market conditions are in force.
