- Major Solana price shift emerges on-chain amid positive liquidity buildup.
- While a $212 breakout is likely, key support levels have emerged on-chain.
Solana (SOL), the sixth-biggest crypto by market capitalization, is being fueled by optimistic sentiments and is eyeing a breakout towards $212. In just a week, the price of SOL has increased by over 23%, making the coin one of the biggest contenders in the market.
Why SOL Could Hit $212 Soon
Market expert Marty Party noted that SOL will clearly break from a bullish pennant formation on the daily chart. Based on this formation, the analyst foresees SOL hitting $212.
The upbeat in the Solana market coincides with a fresh boost in the general market. Bitcoin (BTC), the leading coin, has rallied above $100,000, while Ethereum (ETH) crossed above $2,500.
For Solana, a combination of price behavior and changes in global liquidity are the most probable factors contributing to its present surge. Other market factors have also created a safe environment for SOL’s development.
For instance, research by CryptoCurb reveals a correlation between Solana’s success and GMI’s Total Liquidity Index. When compared to other Layer 1 blockchains, Solana has already shown good relative strength. Generally, assets like SOL react quickly as global liquidity increases, likely accelerating the current boom in Solana.
Solana’s recent integration with the decentralized trading aggregator 1inch adds to the positive price outlook. As previously mentioned in our report, the integration connects Solana users with six developer APIs, MEV-secured on-chain trades, and 1inch’s open-source smart contracts.
The collaboration reflects Solana’s growing recognition among institutions and 1inch’s technological capabilities and liquidity depth. Currently, 1inch supports 13 blockchain networks, and intends to add Bitcoin next.
Besides the collaboration, Solana’s technical setup has become much more positive. This continuation pattern indicates notable upward potential from present levels, possibly close to $212.
Key Solana Price Levels to Watch
Per the price structure, SOL has established more lows, while progressively climbing higher. This demonstrates constant buyer demand independent of market swings. At the same time, the trading volume has increased steadily, confirming the breakthrough.
As of this writing, the SOL price was trading at $175.56, up 2% in the past 24 hours. The $175 to $180 zone is still vital to watch. Keeping support above this range will help to open the path toward the anticipated $212 target.
Traders should also monitor the $180 to $185 zone. A successful breach above this level could generate faster momentum. On the other hand, a rejection might produce consolidation before the next major surge.
In a previous article, we discussed recent developments suggesting a potential rally towards $220. Solana’s stablecoin boom, rising Total Value Locked (TVL), and institutional accumulation all point to strong momentum.
Overall, technical setups and ecosystem expansion via integrations like 1inch Network favor a bullish case for Solana. Although no pricing movement is assured, Solana is still among the most fascinating cryptocurrencies to follow in the current market.
