• Solana’s volume rose 10.61% to $28.16B, showing strong market interest.
• Breaking the $189 resistance could spark a rally toward new all-time highs.
• Despite short-term selling, bullish signals and solid fundamentals point to upside potential.

Solana (SOL) is facing selling pressure in the short term, reflecting broader market movements. As Bitcoin faces pullback after huge surge, it’s affecting the overall crypto market, including SOL. However, SOL speculate a potential bullish reversal towards its all-time high.

At the time of writing, SOL is trading at $174.59 with a 24-hour trading volume of $7.19 billion and a market capitalization of $94.21 billion. The coin price over the last 24 hours is slightly down by 4.8%, and over the last week it is up by 3.34%.

Source: CoinMarketCap

Also Read: Solana Breaks $175 Resistance, Bullish Setup Points Toward $300 Target

SOL Set for $189 Breakout and New ATH

A prominent crypto analyst, Ali, revealed that the $189 mark is a significant level for SOL, and a breakout could spell a shift of sentiment within the market.

This has been a rigid point of resistance, and if a breakout occurs, then it will go further on the higher side. Speculators take very close notice of this level of prices, as a breakout here will almost guaranteed bring into play a spate of buying pressure.

Source: X

If SOL breaks $189, it might be on track toward reaching new all-time highs and provide tremendous profit opportunities for investors. Both the overall market trend and Solana’s solid fundamentals prepare the cryptocurrency for massive gains in the near term.

Solana Derivatives Suggests Continued Growth

Solana (SOL) is trending up with a 10.61% volume increase to $28.16 billion, signaling strong market activity. Open interest also dropped slightly by -2.89% to $9.56 billion, but overall markets remain solid.

Source: Coinglass

In spite of the slight dip in open interest, the OI-weighted rate of Solana stands at 0.0069%, which hints at continued market action and the likelihood of further upside movement. This implies traders expect more gain.

Source: Coinglass

Also Read: Solana Eyes $296 Amid Coinbase DEX Growth and Market Optimism