Solana

<ul>
 <li>Solana (SOL) price consolidates around crucial support levels, following Bitcoin’s struggle to establish a clear trend above $70,000.</li>
 <li>On-chain metrics show a surge in new addresses, indicating growing interest and investment in Solana.</li>
 <li>The next significant price movement for SOL will depend on its ability to break above the 20-day EMA at $162.</li>
</ul>
In recent weeks, the <a href="https://thenewscrypto.com/?s=Solana" target="_blank" rel="noopener noreferrer nofollow">Solana</a> (SOL) price has continued to consolidate around critical support levels, following Bitcoin’s latest struggle to establish a clear trend above the $70,000 psychological mark. Despite the overall stable market sentiment, Solana has experienced a mood swing in key on-chain metrics, suggesting the possibility of a significant price movement in the near future.
<h2 class="wp-block-heading" id="h-solana-witnesses-growing-interest-with-surge-in-new-addresses">Solana Witnesses Growing Interest with Surge in New Addresses</h2>
The Solana market is currently experiencing a tug-of-war between buyers and sellers, each attempting to establish a clear price trend for the cryptocurrency, which is presently trading within a consolidated range around $160. As sellers gain the upper hand, significant liquidations are becoming more prevalent.
According to recent data from Coinglass, <a href="https://thenewscrypto.com/?s=Sol" target="_blank" rel="noopener noreferrer nofollow">SOL </a>has faced total liquidations approaching $2.7 million, with buyers experiencing liquidations of approximately $2 million and sellers encountering liquidations totaling around $680,000.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="268" src="https://thenewscrypto.com/wp-content/uploads/2024/06/image-51-1024x268.png" alt="" class="wp-image-100414" srcset="https://thenewscrypto.com/wp-content/uploads/2024/06/image-51-1024x268.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/06/image-51-300x78.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/06/image-51-768x201.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/06/image-51-1536x401.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/06/image-51.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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Data from IntoTheBlock reveals that Solana has seen a notable increase in the number of new addresses over the past seven days, with the figures climbing from 956,000 to a new high of 980,000.&nbsp;&nbsp;
There are indications that whales may begin accumulating SOL, potentially driving the price higher before a strong rally is confirmed. Given the positive outlook following last week’s consolidation, it is anticipated that both Solana and the broader market will experience a surge in value.
On the 4-hour chart, Solana has reached its 20-day Exponential Moving Average (EMA) at $162, which is expected to serve as a significant resistance point. Despite aggressive accumulation by buyers in recent hours, sellers are fiercely defending against a price surge, resulting in a consolidation in the price chart. At the time of writing, SOL is trading at $162, up over 0.2% in the last 24 hours.

Solana (SOL) Price Consolidates Around Crucial Support as Metrics Signal Breakout

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