Solana Good For $200 Shortly: Buy Now?

Solana’s Price is trading in a Sideways Channel , which is a neutral pattern (indication of market indecision). Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend.

Swing Traders can trade the range – Buy near Support and Sell near Resistance.

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Solana Price Analysis

• Current Price: $151.48
• Market Cap: $13.13 billion
• 24-Hour Trading Volume: $31.15 million
• Circulating Supply: 355 million SOL
• Total Supply: 489 million SOL

Price is trading in a Sideways Channel ($120 – $190). Swing Traders: can trade the Channel, enter near channel support of $120 and exit near channel resistance of $190. Stop Loss (SL) at $108.

Weekly Price Analysis

Over the past week, Solana has experienced a significant upward trend, largely driven by broader market bullishness and renewed interest in its decentralized applications.

• 7-Day Price Change: +18.80%
• Week Open Price: $127.44
• Week Close Price: $151.48
• Highest Price: $155.60
• Trend: Short-term trend is Strong Up, Medium-term trend is Neutral, Long-term trend is Strong Down.
• Momentum is Bullish ( MACD Line crossed above MACD Signal Line) ABOVE days ago. Price is neither overbought nor oversold currently.
• Support and Resistance: Nearest Support Zone is $120.00, then $100.00. Nearest Resistance Zone is $160.00, then $190.00.

Technical Indicators

• Relative Strength Index (RSI): 70.2 (indicating the asset is nearing overbought conditions)
• Moving Average Convergence Divergence (MACD): Bullish, with the MACD line above the signal line
• Bollinger Bands: SOL is trading near the upper band.

Latest News Roundup

• Blockchain Unity: Solana has joined forces with Bitcoin and Ethereum in initiatives aimed at increasing interoperability across blockchains.
• Solana TVL Peak: The total value locked (TVL) on Solana has surged to $1.8 billion, hitting a 20-month high.
• PayPal’s PYUSD Integration: PayPal’s new stablecoin (PYUSD) is now fully integrated with Solana.

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Harsh Panghal

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