The post SOL Price Gains 21% as Market Cap Outpaces Sony appeared on BitcoinEthereumNews.com.

Solana (SOL) price is up 8% in the last 24 hours and 21% over the past week, with its market cap nearing $130 billion — larger than companies like Sony, Dior, and ADP. Trading volume has surged nearly 19% in the last 24 hours, now standing at $10 billion, reflecting strong market activity. Technical indicators such as the Ichimoku Cloud and BBTrend suggest a bullish setup, though signs of consolidation hint at a potential pause in momentum. If SOL regains strength, it could test resistance at $292 and potentially rise to $300 for the first time, while a reversal may bring key supports at $229 and $211 into play. SOL Ichimoku Cloud Shows a Bullish Setup Solana Ichimoku Cloud indicates a bullish sentiment, with the price currently trading above the cloud, signaling strength. The Tenkan-sen (blue line) is above the Kijun-sen (red line), suggesting short-term momentum supports the bullish case. The leading green cloud (Senkou Span A above Senkou Span B) provides additional confirmation of a favorable trend. SOL Ichimoku Cloud. Source: TradingView The lack of steep upward angles on the Tenkan-sen and Kijun-sen suggests the trend could be consolidating rather than accelerating. A move above $270 could confirm continued bullishness, with the potential to test higher resistance levels. However, a dip back into the cloud could indicate indecision or weakening momentum, with the lower boundary of the cloud providing a critical support zone. Solana BBTrend Is Stable and Positive SOL BBTrend is currently at 6.41, down from its recent peak of 26 just three days ago, though it has remained positive for an entire week. BBTrend, or Bollinger Band Trend, is a technical indicator that measures the strength and direction of a trend based on the interaction of price with Bollinger Bands. Positive values indicate upward momentum, while negative…

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Filed under: News - @ January 24, 2025 10:17 pm