SOL breaks through $130: Market divergence behind short-term strength

According to the latest news, Solana (SOL) is now quoted at $130.03, up 1.12% in the past 24 hours, successfully breaking through the $130 mark. This price level has certain technical significance for SOL, but from a multi-dimensional perspective, its trend shows the characteristics of short-term strength and medium-term pressure coexistence.

Practical Significance of the Price Breakthrough

The breakthrough of $130 for SOL is indeed noteworthy, but the magnitude is relatively moderate. According to the latest data, SOL has increased by 1.95% in the past hour, indicating recent upward momentum. However, this increase needs to be viewed over a longer time horizon.

This data combination reflects an interesting phenomenon: SOL experienced a significant correction over the past week, with a decline of over 11%, but has rebounded in the last few hours. Whether this short-term rebound can continue depends on subsequent market sentiment and on-chain activity.

Market Position and Trading Activity

As the 7th largest cryptocurrency by market capitalization, SOL’s market position remains relatively stable. According to the latest data, SOL’s current market cap is $7.328 billion, accounting for 2.42% of the entire cryptocurrency market. Although this percentage is not the highest, it sufficiently indicates SOL’s importance in the market.

In terms of trading activity, SOL’s trading volume over the past 24 hours reached $479 million, an increase of 8.75% compared to the previous period. The rise in trading volume generally indicates increased market participation, providing a foundation for further price breakthroughs.

Supply Structure and Long-term Considerations

SOL has a circulating supply of 565.7 million tokens, with a total supply of 618.8 million tokens, belonging to an infinite supply token model. This means that SOL’s long-term supply pressure is relatively high, but this is also part of its design features.

Key Focus for Follow-up

From the current trend, the $130 level for SOL may serve as a short-term technical resistance or support. The key is whether this rebound can break through the downward pressure of the past 7 days. If SOL can maintain upward momentum in subsequent trading and surpass higher technical levels, it would indicate that this breakthrough has substantive significance.

Summary

The breakthrough of $130 for SOL is a positive signal in itself, but from a comprehensive time perspective, it appears more like a rebound from a deep correction over the past week. As the 7th largest asset by market cap, SOL’s performance is related to the overall market risk appetite. In the short term, attention should be paid to whether trading volume can remain at a high level; in the medium term, it is necessary to observe whether SOL can shake off the 11% decline over 7 days. Whether this price level is broken or not will provide important reference for subsequent trends.