Solana is down again after coming close to the target and along with it comes a buying opportunity for good trade.
In this article, we will look at Solana next target by looking at price chart and technicals.
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SOL Next Target
- Price: $125.51 USD
- Market Capitalization: Approximately $64.26 billion USD
- 24-Hour Trading Volume: $2.33 billion USD
- Circulating Supply: 512,025,519 SOL
- Total Supply: 597,237,133 SOL
Price is in a Downtrend, however, it had a bullish breakout from Falling Wedge pattern, which could signal at least a temporary bullish trend reversal.
We would be buyers near $120 support, with +20% upside potential to $150, prior swing high. Stop Loss at $113 (prior swing low).
Technical Indicators
- Relative Strength Index (RSI): Approximately 34, indicating oversold conditions.
- Moving Averages:
- 50-day MA: SOL is struggling to reclaim this level.
- 200-day MA: Serving as strong support.
- Support and Resistance Levels:
- Support: Around $113
- Resistance: Immediate resistance at $134.46, with subsequent levels at $147.05 and $178.63.
Recent Developments
- Market Performance: Solana has experienced a price decline, dropping by approximately 5.84% over the past 24 hours.
- MonkeDAO’s Acquisition of zBTC: MonkeDAO, a leading Solana-based decentralized autonomous organization (DAO), has acquired zBTC, making it the first DAO on Solana to hold Bitcoin-backed reserves.
- U.S. Cryptocurrency Reserve Proposal: President Donald Trump announced a proposal for a U.S. cryptocurrency reserve, which includes Solana (SOL) among other cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Cardano (ADA).
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