#لاتنسى_الصلاة_على_النبي #solana
Technical support at $165 and increasing volume may push SOL towards the $190 to $200 range.
Solana's stable fee model and network design enhance investor confidence in the face of layer two competitors.
Solana stock (SOL) continues to attract traders' attention, as its monthly chart structure indicates a large ascending triangle. A breakout from this technical pattern may lead to strong upward movement. The market is closely watching Solana's approach to key resistance areas while maintaining important support levels.
Technical indicators suggest accumulation before the breakout.
According to an analysis prepared by GemXbt on X, the Solana stock shows signs of short-term downward pressure as it trades below the 20-day moving average. The price recently touched $161.56, near a strong support area, while the relative strength index approaches the oversold territory.
This setup may indicate the potential for a rebound, with the MACD still in a bearish territory, suggesting weak momentum. However, on the broader time frame, the monthly chart structure indicates a massive ascending triangle pattern, which is often associated with continued upward trends.
According to the CW8900 indicator, breaking the sell level at $173 and $178 could push SOL stock towards $190. The spikes in trading volumes during recent declines indicate active trading, which could support a decisive movement upon confirming the trend.
The market structure gains support as the fundamentals strengthen.
Solana is trading at $171.11, with a 24-hour trading volume of $2.32 billion, according to CoinMarketCap. While the asset has seen a 1.06% decline over the past week, it is still up 27.3% over the last thirty days. Support from the 50 and 100-day simple moving averages provides a positive technical backdrop.
According to Mert Emze, CEO of Helios, Solana's network design provides a more stable fee structure compared to Ethereum's layer two networks. In a post on platform X, Mert stated: "Anyone who thinks chain revenue is not important is actually adapting."
Emphasized the distinct nature of Solana's markets with lower average fee volatility, indicating they provide better sustainability and scalability. If Solana maintains its support at $165 and breaks $176, a breakout of the ascending triangle could trigger a movement towards $200.
#لا_إله_إلا_أنت_سبحانك_اني_كنت_من_الظالمين
#استغفر_الله_العظيم_وأتوب_إليه