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SOL is trading at $225.17, a 5.64% increase in the last 24 hours as it regains its stability after a sharp correction earlier this week. With a market cap of $107.36 billion and 24-hour trading volume at $7.65 billion, Solana is once again capturing the spotlight among leading altcoins.
As SOL bounces back to the $225 price level, both technical and on-chain signal that the cryptocurrency may experience a massive bullish run. It is expected that a short-term target could be $235 and $264 as the long-term high by December if bullish momentum sustains.
More importantly, Bitget Wallet has collaborated with Kiln to release a simplified SOL staking mechanism. As such, the promotion of the Gross Reward Rates of 6% to 10% involves not only high yields but also the increased security and decentralization of the Solana internal network.
Kiln’s strong staking infrastructure allows users to maximize returns through advanced optimization strategies. The platform boasts a strong track record, managing 2.57% of Solana’s total staked assets and adhering to rigorous security standards such as SOC 2 Type II compliance.
"With the launch of SOL staking, Bitget Wallet continues to expand its offerings, providing easy access to staking rewards and supporting the broader Web3 ecosystem," Alvin Kan, the COO of Bitget Wallet said.
SOL found a strong support level at around $205 earlier this week and is bouncing back strongly and heavily. Even its on-chain data show the increased bullish momentum. The long-to-short ratio from Coinglass shows 1.03. This is the highest level in a month as reported by Coinglass.
The formation of a bullish flag in the 4 hour chat also strengthens uptrend potential. SOL is now targeting the upper resistance of the bullish flag at around $235. Analysis show that a daily close above the $225 resistance could turn to a bullish rally toward the recent high for SOL in $264.
If SOL is not able to close above $225 level and gets rejected at the resistance level, it may lead to further consolidation or a drop that may retest support at $205.
According to the top crypto analysts like Jelle, $222 is a key price level that Solana must not break in order to remain in the bullish zone. The reclaimed level has sparked hope, even more, retail and institutional investors are now looking at SOL for more breakout points.
Furthermore, data from DeFiLlama reveal an uptrend in traders’ interest and the overall liquidity in the Solana network as more and more users and developers gravitate toward it.
Solana’s immediate price action hinges on its ability to sustain levels above $225 and break through $235. A successful move beyond the upper boundary of the bullish flag could position SOL to test its recent high of $264 by the end of December.
Beyond price dynamics, the launch of user-friendly staking options through Bitget Wallet and Kiln highlights Solana’s commitment to enhancing its ecosystem and rewarding its community. With strong technical indicators and positive market sentiment, Solana seems poised for a strong finish to 2024.
The recent price bounce and technical outlook indicate that Solana has a good bullish outlook in the coming week’s chart. Be it due to staking progress or overall market sentiment, SOL seems ready for more upswing.
However, given that it is pointing to higher resistance levels, Solana remains an important investment to monitor for short term trading and what it holds for a long-term future.
