Solana combines the Proof-of-History (PoH) protocol with Proof-of-Stake (PoS) consensus, allowing it to process over 65,000 transactions per second.
Solana’s unique blend of high-speed transactions and efficient Proof-of-History (PoH) protocol continues to position it as a leading blockchain platform.
Price is Approaching Resistance, which is a level where it could pause or reverse its recent advance, at least temporarily. Resistance is often a level where price got rejected in the past, or potentially prior Support level that was broken. Once price breaks above resistance, it can advance higher to the next resistance level.
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Solana Next Price Target
- Current Price: $258.36
- Market Cap: Approximately $121 billion
- 24-Hour Trading Volume: $8.96 billion
- Circulating Supply: 470 million SOL
- Total Supply: 489 million SOL
Following a breakout from Ascending Triangle, above the triangle resistance of $160, price has rallied above $240 for +50% gain. It’s now approaching its ATH at $260. Now we look for the right entry opportunity in Uptrend.
We wait for price to pull back near $190 support for another swing trade entry in Uptrend with upside potential back to $260.
Weekly Price Analysis
Over the past week, Solana has shown resilience with a 17.6% price increase, despite a slight 0.6% dip in the last 24 hours.
Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Strong Up.
Momentum is Bullish ( MACD Line crossed above MACD Signal Line) ABOVE days ago. Price is Overbought currently.
Support and Resistance: Nearest Support Zone is $160.00, then $120.00. Nearest Resistance Zone is $260.00.
Key Indicators
- Fear & Greed Index: Slightly tilted towards optimism.
- 50-Day SMA: Bullish, indicating continued positive sentiment.
- 14-Day RSI: Overbought territory.
News Roundup
- CFTC Subcommittee Backs Tokenized Collateral in Derivatives
- South Korea’s Delio Declared Bankrupt, $1.75 Billion in Debt
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