Solana breaks through 250 barrier
Solana (CRYPTO:SOL) has achieved a milestone by closing above the $250 resistance level on the weekly timeframe for the first time.
Crypto analyst Rekt Capital identified this as a crucial development in Solana’s price action, marking a potential shift in market dynamics.
The $250 level has historically served as a key resistance, previously tested during Solana’s late 2021 peak at $260, before a prolonged bear market followed.
If Solana sustains this breakout and flips $250 into support, it could enter price discovery mode, with analysts eyeing potential targets of $300, and $350–$400 based on Fibonacci extensions and historical trends.
Failure to maintain support at $250 could lead to retests of lower levels, such as $202.82 or even $135.97, though the strong bullish momentum makes a deeper retracement less likely.
As of press time, Solana was trading at $231.93, reflecting a 24-hour decline of 8.99% and a 4.80% drop over the past week.
Price fluctuations have ranged from $231.87 to $256.23 in the past day and $232.43 to $263.21 over the past week.
Solana’s 24-hour trading volume surged by 25.94%, reaching $11.99 billion, indicating heightened trading activity despite recent pullbacks.
However, Open Interest for Solana decreased by 7.57%, now sitting at $5.18 billion, reflecting a reduction in leveraged positions amid price volatility.
The OI-Weighted Funding Rate remains positive at 0.0130%, signaling sustained optimism in the derivatives market.
Spikes in funding rates during November’s rallies indicate leveraged long positions, highlighting bullish sentiment during key price movements.
On-chain metrics suggest growing ecosystem activity, with Solana’s Total Value Locked (TVL) in decentralised finance at $9 billion, despite a 3.29% decline over the last 24 hours.
The network’s stablecoin market cap sits at $4.598 billion, with $7.16 million in fees and $3.58 million in revenue generated during the same period.
Solana’s ecosystem remains vibrant, with 6.07 million active addresses recorded in the past 24 hours, contributing to a staggering 52.71 million transactions.
Whale activity and inflows of $1.75 million continue to show sustained interest in the network, even amid short-term price corrections.
The coming weeks will determine whether Solana can maintain support above $250, paving the way for further bullish momentum and potential new highs.
At the time of reporting, Solana price was $233.34.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Senate Banking Committee cancels confirmation vote for SEC’s Caroline Crenshaw
In the meantime, Trump will name either Commissioner Hester Peirce or Mark Uyeda as acting chair
Trump family crypto project WLFI reaches cooperation with Ethena Labs
Affected by the cooperation news, ENA rose by about 8% in a short period of time