Solana makes history with a weekly close above $250! Price discovery mode may target $300 and beyond.
- Solana closed above the $250 resistance, signaling a potential breakout toward $300. Solana saw record activity, with 6.07M active addresses and $11.99B trading volume in 24 hours.
Solana [SOL] has made a historic move by closing above the $250 resistance level on the weekly timeframe for the first time.
According to crypto analyst Rekt Capital, this marks a critical development in the coin’s price action.
The $250 level has historically been a key resistance point, previously tested during Solana’s peak in late 2021 when it reached $260 before a prolonged bear market ensued.
If this breakout is confirmed with $250 turning into a support level, Solana could enter price discovery mode.
Analysts point to potential targets of $300, which serves as a psychological level, and $350–$400, based on Fibonacci extensions and historical price behavior.
Source: X
However, if Solana fails to hold $250, it may retest support levels at $202.82 or even revert to $135.97, though current bullish momentum makes the latter scenario less probable.
Price, trading volume trends
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As of press time, Solana was trading at $231.93, marking a decline of 8.99% in the past 24 hours and 4.80% over the past week.
The price has fluctuated within a 24-hour range of $231.87 to $256.23, with a seven-day range of $232.43 to $263.21.
Solana’s 24-hour trading volume has surged by 25.94%, reaching $11.99 billion, according to Coinglass data. This spike indicated strong trading activity despite the recent pullback.
Open Interest, which measures the value of active derivatives contracts, has decreased by 7.57% to $5.18 billion, reflecting some reduction in leveraged positions after the price volatility.
Funding Rates reflect optimism
The Open Interest (OI)-Weighted Funding Rate for Solana remained positive at press time, trending upward since mid-October. It was at 0.0130%, showing moderate but sustained optimism in the derivatives market.
Spikes in Funding Rates during early and mid-November aligned with leveraged long positions, indicating bullish sentiment during key price rallies.
Source: Coinglass
On-chain metrics indicate growing activity
Data from DefiLlama showed that Solana’s total value locked (TVL) in decentralized finance is $9 billion, down 3.29% over the past 24 hours.
Its stablecoin market capitalization was $4.598 billion, while the network generated $7.16 million in fees and $3.58 million in revenue over the same period.
Solana’s ecosystem remains highly active, with 6.07 million active addresses recorded in the past 24 hours, contributing to 52.71 million transactions.
Whale activity and inflows of $1.75 million suggest continued interest in the network despite short-term price corrections.
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