📊 Market overview
Solana (SOL) is currently trading at $172.54 USD, with a daily high of $179.99 USD and a low of $169.99 USD. Trading volume in the past 24 hours reached approximately $4.61 billion USD.
SOL has increased by approximately 20.6% in the past 7 days and about 56.99% in the last month, indicating a significant recovery after hitting a low of $100 earlier this year.
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📈 Technical analysis
• Nearest resistance: $180 – $190
• Strong support: $160
• RSI (14): 62.06 – neutral signal
• MACD: 3.97 – buy signal
• ADX: 9.64 – buy signal
The 4-hour chart shows SOL in an upward trend, but resistance levels need to be closely monitored to determine the likelihood of continued price increases.
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📰 Featured news
• Institutional growth: Solana has attracted interest from major institutions like BlackRock and Robinhood, strengthening its market position.
• The explosion of NFTs on Solana: NFTs on the Solana platform are growing robustly, with the emergence of highly customizable pNFTs (programmable NFTs).
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📊 Trading strategy
Scenario 1 – Open Long position
• Reason for entry: Price exceeded the resistance level of $180 with strong trading volume, confirming the upward trend.
• Entry zone: $172 – $175
• Stop-loss (SL): $165 (Below the nearest support)
• Take-profit (TP): $190 – $200
• Probability of success: 70% (Based on technical signals and strong inflow)
Scenario 2 – Open Short position
• Reason for entry: Price could not maintain above $180 and shows signs of a downward reversal.
• Entry zone: $180 – $182
• Stop-loss (SL): $185 (Above the nearest resistance)
• Take-profit (TP): $165 – $160
• Probability of success: 60% (Based on the likelihood of a correction after a strong rally)
Note: The market is in an exuberant state; risk management needs to be strict and technical signals should be closely monitored.
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