Solana (SOL) the 6th most traded cryptocurrency of the market grew over 2% in the past 24 hours, as per CoinMarketCap. Several market analysts claim the spike in the trading price is backed by the ongoing bull dominance in the market. 

The intraday trading volume of SOL grew over 50% reaching $3,200,410,571; however other experts claim that the surge in prices, volume, and market is backed by the announcement from Play Solana Gen-1 handheld gaming console which reported being completely sold during its discounted pre-sale phase. 

“If you missed out, don’t worry. Pre-order Wave 1 for the PSG1 will be opening soon, giving everyone a chance to secure their device,” the X post by Solana Play dated September 26, 2024 notes.  

We are officially SOLD OUT for the discounted <Player1> phase.If you missed out, don’t worry. Pre-order Wave 1 for the PSG1 will be opening soon, giving everyone the chance to secure their device. Stay tuned for updates. pic.twitter.com/mRZpg3EEwE

— Play Solana (@playsolana) September 26, 2024

The positive movement in SOL price can be attributed to the recent partnership of Solana with Chainflip. On September 26, 2024, it came into the public domain that Chainflip and Solana joined hands to offer enhanced benefits for the SOL ecosystem. 

Solana (SOL) Price Analysis 

According to data from TradingView, Solana’s trading price surged 9.64% in the past seven days, 12.10% in a quarter, and 54.04% YTD. When writing it was trading above the 20, 50, 100, and 200 days EMA. 

Source: TradingView

After viewing the ongoing scenario it is expected that if bulls continue to maintain their dominance over the seller SOL could soon test the first nearest resistance of $163.46 followed by $178.31 as the next resistance. 

In case of lost control bears could drive the price of Solana to the nearest support of $115.38 followed by $100.53. The technical indicators suggest that the pace of growth and holdings is expected to apply a break to avoid downfalls in coming weeks.  

The total TVL of DeFi (decentralized Finance) based on the Solana blockchain is $3.17 billion from which $1.18 billion is solely contributed by Jupiter followed by Raydium with $966.23 million and Orca with $443.57 million in TVL. 

Till September 27 the total active addresses on the Solana blockchain were 2,545148; however, in the past 30 days, it saw a spike in the registration of new wallets on the chain.    

Source: SolScan(dot)io (Active wallets) Source: SolScan(dot)io (New accounts) Crypto Market Price Updates 

The cryptocurrency market capitalization grew significantly in the past 24 hours reaching $2.30 trillion; the total crypto market volume over the last 24 hours is $88.74 billion, which makes a 25.01% increase. 

Bitcoin surpassed the much-awaited resistance of $65k and was trading at $65,822; it is largely asserted that if the buyers’ dominance continues then it is expected to reach $70k in coming weeks. 

The intraday gainers’ list is majorly topped by the memecoins such as Floki, Shiba Inu, and Pepe. The trading prices of PEPE grew significantly after a leading crypto mogul bought over 24 billion Pepe memecoins.