Solana is the Best Buy: Target $190

2 months ago 26205

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Solana is trading in a narrow range which can give short term traders a good buying opportunity.

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 Crypto Price Analysis

Price: $136.67
Market Cap: $63.98 billion
24h Trading Volume: $1.52 billion
Circulating Supply: 468.15 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

7d Change: +1.61%
Week Open Price: $134.80
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down, Long-term trend is Strong Down.
Momentum: 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

RSI: 52 (neutral)
MACD: Slight bullish divergence
Bollinger Bands: SOL is trading near the upper band, indicating potential overbought conditions

Solana continues to show resilience with steady growth, driven by its fast blockchain and ongoing adoption in decentralized finance.

News Roundup

FTX Liquidation Fears: The impending sale of over $1 billion in SOL holdings by the bankrupt exchange FTX has raised concerns of a market crash.

Cypherpunk Holdings Rebrands: Cypherpunk Holdings has rebranded to Sol Strategies. The company now holds 86,000 SOL tokens valued at around $11.3 million and has plans to capitalize on Solana’s staking rewards

Declining On-Chain Activity: Solana’s decentralized exchange (DEX) volume has hit a six-month low

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