Sign Up on MEXC
Highlights
- Fresh wallet stakes 150,011 $SOL, impacting Solana’s market dynamics significantly.
- Solana price gains 17% this week despite a recent 24-hour price drop.
- Major SOL withdrawal from Binance signals increased staking and confidence.
Solana (SOL), a layer-one blockchain, has had a strong start in 2023, recently recording a 17% gain within a week. The cryptocurrency saw a surge, moving from the $150 support level to over $170 before stabilizing. However, recent price trends indicate a slight decline following staking activities from a Binance wallet.
Solana Price Rises 17% Amid Staking Surge
Lookonchain data shared in an X post reveals that Solana (SOL) experienced a 17% increase over the past week.
The surge follows the movement of 150,011 SOL, worth approximately $26.25 million, which was withdrawn from Binance by a new wallet and subsequently staked. This significant action has drawn attention as it may influence Solana’s ongoing price momentum.
The price of $SOL has increased by 17% in the past week!
In the past 3 days, a fresh wallet withdrew 150,011 $SOL($26.25M) from #Binance and staked.https://t.co/rv6d81subg pic.twitter.com/xv0rdY4fcK
— Lookonchain (@lookonchain) October 25, 2024
Is Solana Price Bull Run Over?
After a week of surge, the latest SOL price has slipped to $167, marking a 2.44% decrease over the last 24 hours. This price dip contrasts with the upward momentum seen earlier, as Solana reached a high of $177.00 before experiencing a downturn.
Over the past year, the Solana price has surged by 400%, driven largely by the rise of new Solana-based memecoins. One standout, Goatseus Maximus (GOAT), recently spiked by nearly 700% within just a month, capturing the attention of investors. Other memecoins, such as POPCAT, MEW, and WIF, have also increased transaction volumes on Solana’s network.
If the Solana price prediction surpasses the $177.22 resistance, it could open the path toward the $200 target. Conversely, a dip below $150.00 would signal a potential decline, possibly indicating a bearish trend continuation.
The Moving Average Convergence Divergence (MACD) indicator shows mixed momentum. The MACD line remains above the signal line, signaling possible bullish activity. However, recent histogram bars have turned red, indicating waning strength in upward momentum.
Solana’s recent price momentum reflects strong market confidence, driven by significant staking and memecoin activity. However, future movement depends on its ability to surpass the $177 resistance, which could hit new highs.
Frequently Asked Questions (FAQs)
1. Is Solana likely to hit $200 soon?
2. Could Solana’s price decline further?
3. What are key factors for Solana’s price?
- Breaking: U.S. PPI Cools To 2.6%, BTC Price Rises
- Traders Brace for Hot US PPI amid Sticky Inflation, Risks BTC, ETH, XRP Liquidations
- Shiba Inu Releases Update On LEASH V2 Migration, Here Is What To Know
- GameStop’s Revenue Boosted by $528M Bitcoin Stash, Reports Minimal Q2 Loss
- Metaplanet Stock Shoots 17% After $30M Investment from Bitcoin Treasury Firm
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
- Meme Coin Price Prediction: Shiba Inu, Pepe Coin, Dogecoin, TRUMP
- HYPE Price Eye $88 the Next as Lion Group’s Treasury Shifts to Hyperliquid
- XRP Price Prediction as Ripple Ecosystem Growth Meets Technical Strength—Is $10 Next?
