• Solana is trading at $237, marking a 5% gain over the past 24 hours.
• SOL has witnessed a 24-hour liquidation of $21.96 million.

With multiple altcoins experiencing price breakouts, the crypto market is eyeing an approaching altcoin season. The chart reports the largest altcoin Ethereum (ETH), gained momentum, trading at $3.7K. Looking at the altcoins, Solana (SOL) has experienced notable price fluctuations.

Solana has reached its all-time high (ATH) of $263.83 on November 23. SOL’s effort to reclaim the high has faced strong resistance. Eventually, the pullback has ignited anxiety about its potential corrections. Despite that, analysts anticipate that December will bring in more gains.

Notably, the altcoin has spiked over 5%, with a $112 billion market cap. At press time, Solana trades at $237.33. The intra-day trading price of the altcoin is noted at $240. SOL has witnessed a 24-hour liquidation of $21.96 million, as per Coinglass data. Consequently, the daily trading volume of SOL has reached $8.58 billion.


SOL price chart (Source: CoinGecko)

Over the past thirty days, Solana’s price has surged by over 47.30%. This upward trend pointed toward a price breakout and SOL’s outlook remained positive. The asset began trading in the $161 range and later ascended to the current levels.

On the other side, Pumpfun has deposited 100,000 SOL, worth $23.45 million to Kraken. It has transferred a total of 998,869 SOL valued at $200 million, selling 264,373 Solana for $41.64 million USDC. To date, the entity has acquired 1,595,278 SOL, valued at $381 million.

Will Solana Break Through to New Highs?

The four-hour price chart of Solana remarked the upside correction. As SOL holds above the $230 threshold, a bullish outlook hovers around the market. If Solana jumps to the $240 mark, it could target its crucial resistance at $245.47. Breaking through this resistance would potentially push the altcoin toward its ATH of $263.83.

In case of a death cross formation, the price correction of Solana could intensify and test its support at $232.11. A breach of this level might lead to steeper losses, plummeting toward the $225 zone.

Additionally, the technical indicators of SOL report the current bullish momentum by inferring the Moving Average Convergence Divergence (MACD) line. It has been settled over the signal line, indicating the incoming uptrend within the market.


SOL chart (Source: TradingView)

The Chaikin Money Flow (CMF) indicator is likely positioned at 0.10 suggesting the positive money flow, which also hints at a spike in Solana’s demand ahead. In the meantime, SOL’s daily trading volume has increased by over 32.77%.

Solana’s market sentiment rests in the neutral zone, as the daily relative strength index (RSI) is found at 53.84. Also, the daily frame of SOL reveals the short-term 9-day moving average beneath the long-term 21-day moving average.

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