Solana Price Holds Above $110 as Bulls Continue Domination

• At the time of writing, SOL is trading at $112.13, up 1.57% in the last 24 hours.
• If the price manages to go above $117 level then it will likely test $138 support level.

Last week, digital asset investment products saw an influx of $103 million from institutional investors. While $7.9 million went into Ethereum, $6 million went into Solana. Bitcoin was yet again at the forefront with $87.6 million.

With a growth of over 50% from November, the Solana network now has over 15.6 million active addresses. The previous high was 15.2 million, set in January of this year, so this number is much more impressive.

At the same time, December saw a record-breaking 6.8 million unique addresses added to the Solana network. Also, the previous record was set in May 2023 with 6.6 million, so this number is far higher.

The transfer of a large quantity of SOL to the Binance exchange is a significant event that adds to the curiosity. According to Whale Alert, market watchers have taken notice of an anonymous wallet that transferred 199,999 SOL tokens worth $23 million. The matter becomes more complex since, according to CryptoQuant’s statistics, SOL’s RSI is indicating an overbought scenario.

Bulls in Control

At the time of writing, SOL is trading at $112.13, up 1.57% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 33.60%. The price climbed all the way till $117 level on December 24 but faced resistance by bears. However, the bulls were able to hold the price above the $110 level.

Source: CoinMarketCap

Moreover, if the price manages to go above $117 level then it will likely test $138 support level. However, if the price manages to go below $109 then it will likely decline all the way to test $102 support level.