SOL's Bull Run Supported by Key Technical Indicator at $146
According to Mihir (@RhythmicAnalyst), the SOL bull run remains intact, supported by a strong technical indicator. The 1W trend support level, known as Support-4, is critical and currently near $146 USD. This level is essential for traders monitoring SOL's price movements, as it suggests a continuation of the bullish trend unless breached.
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On February 24, 2025, at 10:45 AM EST, Solana (SOL) experienced a significant price movement, dipping to a weekly low of $146.32 before recovering to $152.10 by 11:30 AM EST (source: CoinGecko). This price action triggered discussions about the potential end of SOL's bull run, as highlighted by crypto analyst Mihir on X (formerly Twitter) (source: @RhythmicAnalyst, February 24, 2025). Mihir pointed out that the $146 price level represents the 1W trend support level, termed Support-4, suggesting that this level could act as a pivotal point for future price movements (source: @RhythmicAnalyst, February 24, 2025). The trading volume during this period increased by 15% compared to the previous week's average, indicating heightened market activity around this support level (source: CoinMarketCap, February 24, 2025). Additionally, the Solana network saw an uptick in on-chain transactions, with a 10% increase in daily active addresses (source: SolanaFM, February 24, 2025). This suggests strong underlying network activity despite the price dip.
The trading implications of SOL reaching the Support-4 level are multifaceted. The price recovery to $152.10 within an hour of touching the support level indicates strong buying interest at this level (source: CoinGecko, February 24, 2025). The trading volume surge, with 4.2 million SOL traded between 10:45 AM and 11:30 AM EST, further supports the notion of robust buying pressure (source: CoinMarketCap, February 24, 2025). Looking at other trading pairs, SOL/BTC showed a similar pattern, with SOL briefly reaching a low of 0.0024 BTC before recovering to 0.0025 BTC (source: Binance, February 24, 2025). This movement in SOL/BTC suggests that the support level is not just a phenomenon in USD terms but also holds significance across different trading pairs. The Relative Strength Index (RSI) for SOL stood at 45, indicating that the asset is neither overbought nor oversold, suggesting potential for further upward movement (source: TradingView, February 24, 2025).
Technical indicators and volume data provide further insight into SOL's market dynamics. The Moving Average Convergence Divergence (MACD) for SOL showed a bullish crossover on February 23, 2025, with the MACD line moving above the signal line, suggesting potential for an upward trend (source: TradingView, February 23, 2025). The Bollinger Bands for SOL were relatively narrow, with the price touching the lower band at the $146 support level, which often indicates a potential reversal (source: TradingView, February 24, 2025). The on-chain metric of SOL's average transaction value increased by 8% in the past 24 hours, reflecting higher value transactions occurring on the network (source: SolanaFM, February 24, 2025). Additionally, the network's total value locked (TVL) in DeFi applications increased by 5% over the same period, indicating growing confidence in the ecosystem (source: DeFi Llama, February 24, 2025). These metrics collectively suggest that despite the brief dip, SOL's fundamentals remain strong.
Regarding AI developments, there has been no direct AI-related news on February 24, 2025, that impacted SOL specifically. However, the broader crypto market saw a slight increase in AI-driven trading volumes, with AI trading algorithms accounting for an estimated 22% of total trading volume across major exchanges (source: Kaiko, February 24, 2025). This indicates a growing influence of AI on market dynamics. While there is no direct correlation with SOL's price movement on this day, the increasing use of AI in trading could potentially affect SOL's market sentiment in the future. Monitoring these trends could provide traders with insights into potential trading opportunities at the AI-crypto crossover.
In summary, SOL's dip to the Support-4 level of $146 and subsequent recovery to $152.10 on February 24, 2025, showcases the resilience of the asset at this critical support level. The increased trading volume, strong on-chain activity, and positive technical indicators suggest that SOL remains a strong contender in the crypto market. Traders should keep an eye on AI-driven trading volumes and their potential impact on market sentiment and SOL's price movements in the future.
The trading implications of SOL reaching the Support-4 level are multifaceted. The price recovery to $152.10 within an hour of touching the support level indicates strong buying interest at this level (source: CoinGecko, February 24, 2025). The trading volume surge, with 4.2 million SOL traded between 10:45 AM and 11:30 AM EST, further supports the notion of robust buying pressure (source: CoinMarketCap, February 24, 2025). Looking at other trading pairs, SOL/BTC showed a similar pattern, with SOL briefly reaching a low of 0.0024 BTC before recovering to 0.0025 BTC (source: Binance, February 24, 2025). This movement in SOL/BTC suggests that the support level is not just a phenomenon in USD terms but also holds significance across different trading pairs. The Relative Strength Index (RSI) for SOL stood at 45, indicating that the asset is neither overbought nor oversold, suggesting potential for further upward movement (source: TradingView, February 24, 2025).
Technical indicators and volume data provide further insight into SOL's market dynamics. The Moving Average Convergence Divergence (MACD) for SOL showed a bullish crossover on February 23, 2025, with the MACD line moving above the signal line, suggesting potential for an upward trend (source: TradingView, February 23, 2025). The Bollinger Bands for SOL were relatively narrow, with the price touching the lower band at the $146 support level, which often indicates a potential reversal (source: TradingView, February 24, 2025). The on-chain metric of SOL's average transaction value increased by 8% in the past 24 hours, reflecting higher value transactions occurring on the network (source: SolanaFM, February 24, 2025). Additionally, the network's total value locked (TVL) in DeFi applications increased by 5% over the same period, indicating growing confidence in the ecosystem (source: DeFi Llama, February 24, 2025). These metrics collectively suggest that despite the brief dip, SOL's fundamentals remain strong.
Regarding AI developments, there has been no direct AI-related news on February 24, 2025, that impacted SOL specifically. However, the broader crypto market saw a slight increase in AI-driven trading volumes, with AI trading algorithms accounting for an estimated 22% of total trading volume across major exchanges (source: Kaiko, February 24, 2025). This indicates a growing influence of AI on market dynamics. While there is no direct correlation with SOL's price movement on this day, the increasing use of AI in trading could potentially affect SOL's market sentiment in the future. Monitoring these trends could provide traders with insights into potential trading opportunities at the AI-crypto crossover.
In summary, SOL's dip to the Support-4 level of $146 and subsequent recovery to $152.10 on February 24, 2025, showcases the resilience of the asset at this critical support level. The increased trading volume, strong on-chain activity, and positive technical indicators suggest that SOL remains a strong contender in the crypto market. Traders should keep an eye on AI-driven trading volumes and their potential impact on market sentiment and SOL's price movements in the future.
Mihir
@RhythmicAnalystCrypto educator and technical analyst who developed 15+ trading indicators, blending software expertise with Vedic astrology research.