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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