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Following
SOL Solana broke through the $104 mark, analysts set a $500 target
Solana (SOL) is currently trading at $104.98, up 5.31% in the past 24 hours. SOL's current trading volume climbed to $3.77 billion, with a market value of $61.44 billion.
Technical breakthrough foreshadows new targets
Cryptocurrency analyst Javon Marks pointed out that Solana has broken the key resistance line formed by the "cup handle shape," a technical indicator often associated with bullish momentum. Marks posted on the X platform that this breakthrough may pave the way for further increases in SOL prices.
Marks emphasized that the breakthrough showed that buying interest in the token has returned and noted that SOL may be "ready to expand significantly to new historical highs." He identified a potential medium-term price target of $500, an increase of more than 350% compared to current prices. He also mentioned that it is crucial to monitor whether the previous resistance level translates into support, and if this support level is maintained, it will enhance the market's bullish confidence.
Although a $500 price target will put Solana at a record high, most analysts acknowledge that achieving this trend will require continued buying demand and trading volume support.
Technical Indicators and Derivatives Market Trends
According to TradingView data, SOL recently broke through the consolidation range between US$62 and US$78 during the summer, hitting a high of US$105.01, an intraday increase of 4.58%. Currently, Solana is trading above its 20-, 50-, 100-and 200-day index moving averages (EMA), an important indicator used by traders to confirm trends.
The Relative Strength Index (RSI), a measure of momentum, is currently at 68.20 and the signal line is 76.14. The 20-day EMA at around $95.67 is serving as short-term support.
Derivatives analysis platform CoinGlass reported that SOL derivatives trading volume surged 12.10% to US$9.38 billion. At the same time, open interest rose slightly by 1.76% to US$6.57 billion, indicating increased speculative activity and investor engagement.
Broader market volatility triggered by Bitcoin has also boosted sentiment across the cryptocurrency sector in recent trading days.
Solana launches artificial intelligence-enabled payment channel
The Solana Foundation, a non-profit organization that supports the development of Solana's blockchain ecosystem, has launched a payment channel specifically designed for AI agents. The technology allows high-frequency microtransactions to be conducted without having to confirm every transaction on major blockchain networks.
It is reported that this payment solution, accessed through Pay.sh and connected to Alibaba Cloud API endpoints, can process up to one million transactions per second. The move aims to promote automated transactions for machine learning and artificial intelligence applications on the Solana blockchain.
Noun explanation: Payment channel is a Layer 2 expansion solution that allows blockchain users to efficiently conduct a large number of offline transactions, recording only the final balance on the blockchain, thereby reducing costs and increasing speed.
Long-term prospects and growing ecosystems
Another analyst Curb said on the X platform that in the long run, Solana is expected to reach US$1,000, focusing on the overall growth of the ecosystem rather than short-term fluctuations. Curb pointed out that Solana's increased use of tokenized asset transactions and payments is a key factor supporting this outlook.
Curb believes that "the real turning point for SOL will be continued user demand and liquidity, not just price speculation," and advises investors to pay close attention to network adoption indicators.
Solana's official account recently released data from DeFiLlama, showing that decentralized applications on the network generated revenue of US$143 million in August, doubling from July, making Solana the highest-grossing blockchain that month.
As technological momentum and ecosystem growth continue to attract attention, investors are watching whether SOL can remain above the breakthrough zone in the coming days.
