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    Chandan Gupta is a crypto analyst and news writer at CoinPedia. He specializes in market analysis using on-chain metrics and industry insights to forecast market trends. With over four years of trading experience, Chandan simplifies complex concepts in technical and on-chain analysis, making them easy to understand. At CoinPedia, he leverages his expertise to identify and present emerging opportunities in the cryptocurrency space

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    Solana (SOL) Set for 25% Rally, Breakout Imminent?

    • currency-symbol SOL $ 129.89 (1.59%) top gainer
    Story Highlights
    • SOL Eyes 25% Rally: Solana's bullish pattern targets $330 as DEX volume soars to $202.7B, surpassing Ethereum's $63.21B last month.

    • $40M SOL Outflow Sparks Optimism: Long-term holders accumulate SOL; breakout above $270 could drive a 25% surge to $330.

    In the recent market uncertainty, SOL, the native token of the Solana blockchain, seems to be getting stronger and is poised to make a new all-time high, as it has formed a bullish price action pattern on its four-hour time frame. While examining its current outlook, traders and investors have shown strong strength and confidence in the asset.

    Solana (SOL) Technical Analysis and Upcoming Levels

    According to CoinPediaโ€™s technical analysis, SOL has formed a symmetrical triangle price action pattern and has reached a zone that suggests a potential breakout. Based on the recent price action, if SOL breaches the pattern and closes a four-hour candle above the $270 level, there is a strong possibility it could soar by 25% to reach the $330 level in the coming days.

    The Relative Strength Index (RSI) at 54 indicates that SOL has the potential to breach this pattern and could soar significantly.

    Solanaโ€™s DEXs Record Volume

    Besides this bullish price action, the volume generated by Decentralized Exchanges (DEXs) is indicating that Solana is getting stronger day by day. Recently, an on-chain analytics firm, DeFiLlama, revealed that SOL-based DEXs recorded a significant $202.7 billion in total volume, surpassing Ethereum, which recorded only $63.21 billion in the past month.

    Looking at this, it appears that SOL-based DEXs are getting more attention than other DEX tools based on different blockchains.

    $40 Million SOL Outflow

    With this strong development and record adoption, long-term holders have been accumulating the token, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow revealed that exchanges have witnessed a significant outflow of SOL worth $40.60 million in the past 24 hours.

    This substantial outflow from the exchanges indicates the potential accumulation by long-term holders and could create buying pressure, leading to further upside momentum.

    SOL is currently trading near $258 and has experienced a modest price decline of 0.50% in the past 24 hours. During the same period, its trading volume dropped by 32%, indicating lower participation from traders compared to the previous day.

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