Solana (SOL) Price Set for Breakout as Stablecoin Liquidity Reaches $10.2B
Solana's price trend shows resilience despite recent selling pressure. Key points include:
- Current price fluctuations near the psychological mark of $250 hint at a potential breakout rally.
- The 4-hour chart reveals a triangle pattern with support from a long-term trend line.
- A low price rejection occurred at the 61.80% Fibonacci level, currently at $243.
- The 20 EMA at $250 acts as a short-term resistance ceiling.
- A bullish reversal could push prices past $250 towards immediate resistance at $262 and targets between $285 to $315 based on Fibonacci levels.
- Failure to maintain above $243 may lead to a test of the $230 demand zone.
On the fundamental side, Solana's stablecoin supply has reached an all-time high of $10.2 billion, with active addresses increasing nearly 100% to 3.8 million. Circle recently boosted USDC supply on Solana by $250 million, contributing to heightened liquidity and network activity.
Overall, strong fundamentals combined with positive price action suggest a possible bullish breakout for Solana.