🚀 Solana Inches Toward Crucial Zone — Is a Big Move Brewing?
Since Solana Mobile began shipping its second-generation Web3 smartphone, the Seeker, to over 50 countries, Solana rose 9.6% from its previous lows.
The cryptocurrency reached a multi-day high of $171 on the news, boosting investor optimism before retracing to its local range. Since the April-May breakthrough, SOL has been trading between $140-$180, trying to recapture the local high.
SOL briefly lost its local range lows during the June drop, once again seeking $120-$130 support. During the July rise, the cryptocurrency momentarily broke out of the upper border and reached $206 two weeks ago, a five-month high.
Solana has now fallen 25% from its highs to the mid-range of its local price range, $160–$164. The UTXO Realized Price Distribution (URPD) indicator showed SOL's most important levels throughout its recent performance.
The data shows that the altcoin's major support region is $165, where the greatest supply cluster is with 44.4 million SOL, or 7.42%. Thus, Solana must retake $165 soon or risk turning it become a critical resistance level, causing additional losses.
However, reclaiming this level will force the cryptocurrency to revisit the important resistance levels at $177 and $189, where investors have amassed 27.6 million and 23.6 million SOL, respectively.
SOL Preparing for ‘Real’ Run?
The market expert predicted a new all-time high for Solana this quarter, doubting “the train stops anytime soon” as it overcomes $200 barrier.
Meanwhile, predicted another cryptocurrency correction. The analyst expects Solana to drop 10% to its four-month rising support line at $150 before “the real move.”
The chart shows that the cryptocurrency bounced off this support line twice in April and June before surging to local highs in May and July.
