Solana is trading at $239.46, coming off highs near $241.79. After a brief attempt to push higher, price pulled back slightly, showing signs of resistance.
Market participants seem cautious but still hopeful, as SOL is holding near support zones that suggest potential for upside if momentum returns.
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Solana Next Target
- Price: $239.46
- Day’s High: $241.77
- Day’s Low: $235.41
- Market Cap: $128.5 billion
- 24-Hour Trading Volume: $2.60 billion
Bullish breakout from Ascending Triangle pattern signaled resumption of Uptrend with +30-50% potential upside to $275-$300. That $300 is the 52-week high from Dec 2024. Price is pulling back, which could offer another attractive entry near $210 support level. Stop Loss at $173.
Solana is a Layer 1 (L1) protocol with 40% share of fees generated, about the same as ETH, yet the SOL market cap is still only 1/5 that of ETH. There’s been several Solana-focused Treasury companies buying SOL.
Most recently, Forward Industries seeks to raise additional $4B for its Solana-Focused Treasury. That’s on top of the $1.6B they just spent to acquire 6.8M SOL. Currently, 15.8M SOL tokens have been acquired by SOL-focused Treasury companies. That’s 3% of supply.
Key Indicators & Market Signals
- SOL tested resistance near $241.79 and failed to sustain above it, forming a mild pullback.
- Price found support around $235-$237.50, indicating that buyers are defending this region.
- RSI divergence and MACD turning negative suggest weakening momentum in the short term.
- Bollinger Bands show volatility is contracting, possibly foreshadowing a breakout or breakdown soon.
Latest News Highlights
- Price opened around $240.29 and closed near $238.64 over 24 hours, down about 0.77%.
- Bearish engulfing patterns and upper shadows indicate rejection of higher levels.
- Support at $238.50-$237.50 is tested, crucial level for holding short-term gains.
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