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Solana hits $250, breaks historic record amid ecosystem development: will the coin continue to move towards new highs?

Solana has come a long way from recovering from a spam attack and a complete network shutdown to setting a new historical record. An important factor in such a rapid recovery of the coin's quotes was played by the pace of development of the altcoin ecosystem, which allowed attracting a new audience, investments, and improving reputation. As of November 5, the coin sank slightly in value due to the expected correction after a new record, and therefore the question arises: is the cryptocurrency able to continue the upward movement and update the absolute maximum within the current window for the altcoin market?

As of 11:00 UTC, the altcoin is quoted at around $237, having risen in price by 21% over the week. Now the coin is prone to decline due to overheating that occurred during the establishment of the historical record. The coin began a steady growth on October 20 and in less than a month updated the historical maximum at around $250.

The main catalyst for the growth of quotes was the rapid growth of decentralized projects based on Solana. The new record value of the coin coincided with the renewal of record amounts of funds blocked in the DeFi projects of the SOL ecosystem, which reached $15 billion. The growth in the number of users, investments, and transactions in related projects positively influenced the price movement of the main coin, as well as on-chain indicators of unique addresses in the asset network and total transaction volumes, which set a local record shortly before reaching $250.

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In addition, the Solana ecosystem has significantly strengthened in recent months as a competitor to ETH and DOT in terms of the attractiveness of the main network for hosting various projects. It is worth noting that both SOL and DOT took advantage of excessive commissions on the ether network, poaching promising projects and updating their historical highs.

The main sponsor of ATH Solana was the cross-blockchain computing network and the DeFi index provider Aleph.im, which announced the launch of the Serum Markets solution for one of the largest DeFi protocols, Serum, running on Solana. Thanks to this, it was possible to significantly accelerate and systematize the huge data flow passing through the decentralized platform.

The rapid development of the ecosystem and related projects allowed Solana to show how great is the potential of blockchain-derived products and the investment demand for them. Taking into account the big plans for the future outlined in the roadmap of the project, as well as the inclusion of the token in Grayscale Digital Large Cap Fund, there is no doubt that Solana will continue to grow in price and receive great investment opportunities due to the development of the DeFi sector.

Meanwhile, on the daily chart, the coin formed a massive bullish candle, which indicates a confident dominance of the bulls but began to decline as part of a short-term correction following the formation of such a powerful pattern.

The main technical indicators of the cryptocurrency are in the overbought zone, and therefore the current decline should be considered as price stabilization. The nearest key support zone for the price will be the $192-212 segment, from where a powerful breakdown to the historical maximum was made. A sharp rebound in the price and a further phase of consolidation in a narrow range can be expected in this area.

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The four-hour timeframe signals the end of the fall and the continuation of the price movement within the consolidation period: the MACD has formed a bullish intersection but continues to move flat, and the stochastic oscillator and the relative strength index indicate the stabilization of the growth momentum and the start of the accumulation period.

The chart also shows a false breakdown of the resistance zone of $235-$242, which ended with the setting of a record. However, now the coin has returned to this range with the strong support of bears, which push the price beyond this range.

Taking into account the candle analysis, we can say that sellers have received additional volumes for pressure and most likely the price will leave the current range. In this case, the downward movement will continue to the local support zone at $232, where a rebound is most likely to occur, considering the recovery of technical charts indicating prerequisites for an impulsive upward movement. Taking all this into account, Solana is approaching a period of stabilization of quotes and further upward movement to new maximums.

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The material has been provided by InstaForex Company - www.instaforex.com