SOL Surges 2% Amid Bull Dominance and Gaming Console Sales
Release: 2024/09/27 22:39 Reading: 776
Solana (SOL) Surges on Market Bull Run and Play Solana Console Announcement
Solana (SOL), the sixth most traded cryptocurrency, has seen a surge in trading activity, with a 2% increase over the past 24 hours. Analysts attribute this rise to the ongoing market bull trend.
Surge in Trading Volume and Positive News
SOL's intraday trading volume has jumped by over 50%, reaching $3,200,410,571. Some experts suggest that the price, volume, and market surge may also be fueled by the announcement of the Play Solana Gen-1 handheld gaming console, which sold out during its discounted pre-sale phase.
Upcoming Pre-Order and Chainflip Partnership
"If you missed out, don't worry. Pre-order Wave 1 for the PSG1 will be opening soon, giving everyone a chance to secure their device," the X post by Solana Play dated September 26, 2024 notes.
SOL's price surge is further supported by its recent partnership with Chainflip, which aims to enhance benefits for the SOL ecosystem.
Solana (SOL) Price Analysis
According to TradingView data, SOL has surged 9.64% in the past seven days, 12.10% in a quarter, and 54.04% YTD. As of writing, it is trading above its 20, 50, 100, and 200 days EMA.
Resistance and Support Levels
If bulls continue to dominate, SOL is expected to test resistance levels at $163.46 and $178.31. Potential support levels are $115.38 and $100.53 in case of a market reversal.
TVL and Active Wallets
The total TVL (decentralized Finance) based on the Solana blockchain is $3.17 billion, with Jupiter contributing $1.18 billion, followed by Raydium ($966.23 million) and Orca ($443.57 million).
As of September 27, the Solana blockchain had 2,545148 active addresses, with a surge in new wallet registrations over the past 30 days.
Crypto Market Updates
The cryptocurrency market capitalization has reached $2.30 trillion, with a 25.01% increase in total volume ($88.74 billion) over the past 24 hours.
Bitcoin has surpassed its previous resistance of $65k and is trading at $65,822. It is expected to reach $70k in the coming weeks if the market bull run continues.
Memecoins, such as Floki, Shiba Inu, and Pepe, dominate the intraday gainers' list. Notably, PEPE's trading price spiked after a crypto mogul purchased over 24 billion Pepe memecoins.
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