Binance, the largest crypto exchange by trading volume, has announced the launch of Solana (SOL/USDT) options on its Options Trading platform, set to begin on November 12. This new offering arrives as investor interest in Solana grows, with optimism that SOL may approach a new all-time high (ATH).
The update specifies that daily and weekly SOLUSDT options will be available on Binance next Tuesday at approximately 8 AM UTC. These options are MiCA-compliant European-style contracts, which can only be exercised on their expiration date.
Crypto options trading grants traders the right, but not the obligation, to buy or sell a specific cryptocurrency at a pre-set price before or on the expiration date, allowing them to speculate on price fluctuations in the crypto market.
In a recent liquidity management move, Binance transferred over 2 million SOL—valued at over $374.82 million—from its cold wallet to its hot wallet.
Is Solana (SOL) On Track for a New ATH?
Solana (SOL) recently rallied toward a 3-month high of $191.95 but has since cooled slightly, now showing a 0.64% decrease. Analysts note a bullish trend for SOL, as indicated by a positive histogram in the MACD. However, how close is it to reclaiming its ATH?
Solana’s ATH was $260, reached on November 6, 2021. Currently, the price remains around 27.6% below that peak. Earlier this year, on March 18, SOL briefly hit $210 but did not surpass its previous high. When Solana hit its ATH in 2021, its market cap was $87.87 billion, with 471.57 million SOL circulating. Today, with 301.21 million SOL in circulation, its market cap stands at $88.5 billion.
Looking ahead, SOL may encounter crucial resistance and support levels. If the price holds above $171.52, it may climb to test resistance at $195.85 and $204.50. Conversely, if a decline occurs, SOL could see further bearish movement, with support levels at $159.30 and $144.35 in play.
