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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