Solana Holds Key Support as Binance Activity Surges
Key Takeaways
- Solana (SOL) is currently struggling with the key price level at USD 118.
- A drop below this level could trigger further losses.
- Binance has once again purchased SOL via market maker Wintermute – a possible signal of a short-term bottom formation.
- Technical indicators currently show a mixed picture with slight downward pressure.
- At the same time, Solana is seeing strong on-chain activity, such as in DEX volume and token launches.
Why the USD 118 Level Is Crucial for Solana
Since early March 2024, the USD 118 price zone has repeatedly proven to be a support level for Solana. However, if the price falls sustainably below USD 115.92, a further decline toward USD 110 or even USD 100 could follow. Previous attempts to stabilize the price in this area have been unsuccessful – particularly following political developments such as recent U.S. customs measures.
Technical Analysis: MACD Indicates Downtrend
A look at the MACD (Moving Average Convergence Divergence) currently shows a bearish picture. Both the MACD line and the signal line are below zero (at -6.34 and -5.93, respectively). This indicates continued selling momentum. Although the histogram shows a slight decrease in momentum, a clear trend reversal is not yet in sight.
If Solana manages to reclaim the USD 118 level, this could trigger a move toward the downward trendline around USD 130. A breakout above this zone would unlock further upside potential up to USD 150. However, if the price remains below USD 118, continued selling pressure is likely.
Binance Purchases as a Potential Turning Point
According to on-chain data, Binance has recently purchased Solana again via market maker Wintermute. Previously, it had sold around USD 135, triggering short positions. The repurchase at USD 118 could indicate a strategic bottom formation.
These purchases could provide short-term stability – provided that overall market conditions remain favourable. However, if confidence continues to decline, even these measures might not be enough to prevent renewed downward pressure.
On-Chain Data Favour Solana
Despite the weak chart pattern, there are positive signals coming from the network itself. Decentralized exchanges (DEXs) on Solana recently recorded a daily trading volume of USD 2.417 billion – significantly more than Ethereum (USD 1.899B), Binance Smart Chain (USD 1.066B), or Base (USD 973M).
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Additionally, over USD 550 million has been transferred from other blockchains to Solana in the past month – over USD 400 million of that from Ethereum alone. The number of newly launched tokens on Solana has also increased – more than 1.15 million new tokens were created within a month. These developments could make the network more attractive to developers and users and support the price over the long term.
Our Assessment
Solana is at a critical juncture. The USD 118 level determines the short-term trend. From a technical perspective, selling pressure currently dominates, but Binance’s activity and strong on-chain data could enable stabilization.
For you as an investor, this means: closely monitor the price zone around USD 118. A sustained move above this level could signal a recovery. If the price remains below it, pullbacks to USD 100 cannot be ruled out. Over the long term, Solana remains an exciting candidate in the crypto market due to its high network activity and developer momentum.
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