Solana Surges 8.74% as Investors Eye New All-Time High

Solana has emerged as a focal point for investors, with its price surging by 8.74% in the past 24 hours. Market analysis indicates that the cryptocurrency is poised for a significant upward movement in the near future. Solana is currently trading within a cup and handle pattern, a technical formation that typically precedes a rally. To achieve a new all-time high, Solana must first breach the current resistance line at the handle, which is around the $170 region. Following this, it needs to surpass its previous all-time high of $294.33. If successful, Solana could push toward key milestones at $300, $400, $500, and beyond.

On-chain activity provides further evidence of growing interest in Solana. According to a report, Solana led all major chains in activity this week, with 21.75 million Active Addresses interacting with the blockchain. These addresses collectively conducted 415 million transactions within the same period. This surge in activity suggests increasing usage of Solana, which could further fuel its ongoing rally.

The derivative market also shows signs of momentum. In the past four hours, buying volume has overtaken selling, with a Long/Short Ratio of 1.0525, indicating a market dominated by buyers. This has coincided with an increase in position size on Solana across both the futures and options markets. Open Interest climbed to $5.2 million in options and $6.19 billion in Futures, with a volume surge of 548.89% to $2.26 million in options and 75.65% to $19.04 billion in Futures. The increase in volume, Open Interest, and price suggests that the current buying activity for Solana is sustainable and could extend its rally toward its near-term target.