Solana Price On The Rise: Key Resistance At $235 Could Spark Major Breakout
December 13 2024 - 3:30AM
NEWSBTC
Over the past week, the Solana price has reflected broader market
trends, experiencing a slight decline of 1.3% in the last 24 hours.
This decrease has led SOL to retest a crucial support level at
$226. Despite this recent dip, experts believe that a successful
breach of the $235 resistance could signal a continuation of the
uptrend observed over the past six weeks. Is The Solana Price About
To Hit New All-Time Highs? Market analysts report that Solana has
shown resilience, rebounding towards the $230 mark after briefly
hitting the $200 zone. If SOL can maintain momentum and surpass the
$235 threshold, it may break the current price compression,
potentially targeting a previous high of $264 in the near
term. The co-founders of the market intelligence platform
Glassnode, Yan Happel and Jan Allemann, noted that Solana’s daily
Relative Strength Index (RSI) remains neutral, indicating that
there is room for upward movement without being overbought. In this
context, they also suggest that if SOL gains traction, investors
should monitor other tokens such as Jupiter (JUP) and Dogwifhat
(WIF) for potential upward momentum. Related Reading: Shiba Inu
Bulls Aim Higher As SHIB Sights $0.00002960 For A Fresh Rally
Despite trading at $226—13.5% below its all-time high of $263
achieved on November 23—The Solana price action is closely tied to
broader market dynamics, particularly the anticipated regulatory
framework under the incoming Trump administration. Experts
believe that Trump’s pro-crypto stance could enhance the likelihood
of approving spot Solana exchange-traded funds (ETFs) that have
been filed by various asset managers earlier this year. Such
approvals could pave the way for increased institutional adoption,
a scenario that could significantly impact the Solana price and act
as a catalyst on its path for new highs in the coming months.
Comparative trends in Bitcoin suggest that similar institutional
actions could lead to substantial price gains; for example, Bitcoin
reached a record peak above $73,000 just two months after its ETF
approval in January of this year. Solana Surpasses Ethereum As Top
Ecosystem For New Developers A recent report by Electric Capital
highlights Solana’s growth as the leading ecosystem for new
developers in 2024. This marks a significant achievement, as it is
the first time since 2016 that any ecosystem has surpassed Ethereum
in attracting new developers. In 2024 alone, Solana welcomed
7,625 new developers. However, Solana not only outpaced Ethereum
but also emerged as the fastest-growing large ecosystem, with an
impressive 83% year-over-year growth in monthly active
developers. Related Reading: Dogecoin Price On Its Way To $1:
Why A Retest Of $0.48 Is More Important Than Anything The
platform’s appeal has been particularly strong in Asia, with India
leading as the top country for new developers, followed closely by
the US, UK, Canada, and China. Solana’s focus on low-fee use
cases has also positioned the network as a leader in decentralized
exchanges (DEX) and non-fungible token (NFT) transactions,
accounting for 81% and 64% of respective transactions across all
chains. Featured image from DALL-E, chart from TradingView.com
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