Analysis: SOL advances in a favorable context following key announcements from the Solana ecosystem

Source: CritpoTendencia Original Title: Analysis: SOL advances in a favorable environment after key Solana ecosystem announcements Original Link: At the time of writing, the price of SOL is trading at $136, with daily gains of 3.1%, weekly gains of 0.3%, and monthly losses of 13%. During the best moments of the session, the token reached $139.8.

What drives the daily rise of SOL?

SOL is trending upward in a bullish cryptocurrency market, supported by institutional buying and renewed investor interest. In this context, BTC managed to recover the level of $92,500 and ETH returned to around $3,250, although both assets corrected afterwards. Still, the daily scenario remains favorable for a general market rebound.

However, there are specific bullish news that explain SOL’s relatively better performance. One of them is Hex Trust’s announcement about the launch of Wrapped XRP (wXRP) on the Solana network, aimed at improving the interoperability of the XRP token. Thanks to this integration, wXRP will be tradable alongside RLUSD on Ethereum and other compatible chains, including Solana.

On the other hand, after more than 100 days of controlled testing, Firedancer, the new validator client developed by Jump Crypto, is now active on the Solana mainnet. With this deployment, the blockchain, known for its high transaction speeds and low fees, could further improve its operational performance.

It is worth noting that, in test environments, Firedancer managed to process over 1 million transactions per second, a figure well above the current capabilities of the mainnet.

Finally, a certain decentralized exchange platform announced that it now supports on-chain direct swaps of Solana-based tokens. This will allow users to operate these exchanges using USDC, cash, bank accounts, or debit cards, increasing accessibility to the ecosystem.

SOL Chart Analysis: key levels to watch

In recent days, SOL has been moving within a consolidation zone. The price maintains an accumulation process and a sideways trend in the medium term, characterized by well-defined highs and lows, reflecting persistent volatility.

Resistance levels to consider

• $140.0: immediate resistance and recent high of the session, although it is not yet established as a decisive level.
• $144.9: stronger short-term resistance and the highest recorded on December 9.
• $161.0: a clear structural change in market sentiment cannot be anticipated until this level is surpassed.

Main supports

• $133.7: immediate support where the price has found containment during the session.
• $129.0: stronger short-term support level, despite previous references in higher ranges.
• $123.1: if the previous support is lost, this level appears as the next relevant containment zone.

The RSI is at 31 points, indicating that SOL is under downward pressure and close to the oversold zone. This opens the possibility of technical rebounds, although an additional extension downward cannot be ruled out before a more solid move.

Important data to keep in mind

SOL ETFs recorded an average daily net inflow of $11.02 million, reaching a total accumulated amount of $672.48 million. Among these flows, BSOL led with $4.44 million, followed by Fidelity FSOL with $3.56 million and Grayscale GSOL with $2.59 million. VanEck FSOL showed the lowest inflows, with $437,550.

Although still below the levels observed during the last bullish rally, Solana currently leads in revenue generated by applications. Just in the last day, the network produced over $3.6 million in revenue.

The total value locked (TVL) of Solana stands at $9.09 billion, according to DeFi Llama data, with no variation in the last 24 hours, a weekly increase of 2.23%, and a monthly decrease of 8.02%.

According to Coinanalize, the open interest in SOL futures currently ranges between $7.000 billion and $7.300 billion, showing a slight increase in the last 24 hours.

Meanwhile, the total cryptocurrency market capitalization recovered to $3.13 trillion, with a daily growth of 2%, suggesting an overall improvement in market sentiment.