I monitor market movements daily, and today I am focusing on Solana due to its speed and efficiency in the blockchain network. Let me start by describing the current situation based on the available data so far.
First, the current price of SOL is around $177.78 against the dollar, with a slight increase of 0.03% over the past 24 hours, but it has seen a decrease of 4% in the same period according to some sources. This means the currency is facing some pressure, but it still shows relative strength compared to previous weeks, as it rose by 3.15% last week and 8.81% last month. From my perspective, this indicates a gradual recovery despite the volatility.
Regarding the main technical indicators, I notice that the Relative Strength Index (RSI) stands at 33.631, indicating a sell signal, which means the currency may be in an oversold area and needs correction. Also, the MACD shows a negative value at -1.591, further supporting the sell signal. As for the moving averages, they are generally neutral, but I see that SOL has recently regained the $170 level, which gives a cautious bullish signal.
In terms of support and resistance levels, I believe the main support is at $148-150, and if SOL stays above this level, it may test resistance at $182-195 by the end of the month. There is also a possibility of breaking the $189 level, especially if we see selling from whales worth $40 million as happened recently, but the analysis suggests a potential rise towards $200 if it surpasses the critical area.
Looking at the short-term forecasts, I expect the price of SOL to reach around $179.2 by the end of the day if the daily growth continues at 0.014%. In the longer term, by 2025, it could reach higher levels like $200 or even $400 if it successfully breaks through the current barriers, focusing on activity on the network and developments in the blockchain. However, I advise caution due to volatility, and I prefer to wait for stronger bullish signals like increased trading volume, which is currently at $5.96 billion.
#DeFiGetsGraded #SolanaUSTD #ETH4500Next?
